The Nomad Economist
Premiered Jul 17, 2021
Old, absurd, and unfit for purpose; how else to describe the “new” monetary framework for euro monetary policy presented by ECB Chief Lagarde amidst much fanfare on Thursday, July 8?
Why old? The “new” framework is remarkably similar to that unveiled in May 2003.
Why absurd? The main rationale put forward for the framework is to work around a problem of the “zero bound”. That problem, however, is of the ECB’s own making.
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