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Alessandro Leipold, chief economist of the Lisbon Council, weighs in with real-time analysis of the 14-15 March European Council. Mr. Leipold — who joined the Lisbon Council in 2010 after a distinguished career in economics, international finance, banking, the European institutions and the International Monetary Fund, where he served as acting director of the European Department until 2008 — discusses the story behind the headlines, and analyses the implications for the European economy of the European Council’s key decisions.