The ECB is still only tinkering with Europe's economic crisis

Here's what actually solving it would mean

This is a crucial time for the European economy.
(Image credit: Gary Waters/Ikon Images/Corbis)

Seven years after the Great Recession, America's recovery is still a slow and grinding process. But for the 19 countries that use the euro as their currency, things are considerably worse: As of early February, the collective unemployment rate for the eurozone was just over 10 percent. For the hardest hit countries like Spain and Greece, it's still over 20 percent.

So on Thursday morning, the European Central Bank (ECB) decided to step up its efforts.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.