Without using such volatile terms as "Endgame" (which will be a political rather than an economic play), are we nearing another phase transition, an acceleration of identified dangers? Ambrose Evans Pritchard charts the gradual tightening within the Eurozone as the European Central Bank does little to counter the reduction in inflation.
If deflation is triggered through an exogenous shock then the political fractures may widen visibly and with rapid consequences. Polticians may be pitchforked in more than one Member State.