The old adage is that strong and sustained economic growth cures many ills, if not all of them, so it is unsurprising that so many central banks would be so determined to create it. They are, surprisingly, limited in that endeavor as they always stop one step short of recognizing the shortfall. In other words, they will do everything (as [...]
The problem with European monetarism is not that it is trying to swim against the tide of fragmented “markets” and national boundaries that represent very real hurdles in terms of legal and systemic bottlenecks. For the most part, everything that the ECB has tried, including a great deal that predates the bright spotlight on Mario Draghi, has led to precisely [...]
The preliminary look at Q2 GDP in Europe has given hope that the corner has been turned and the bottom has finally been found. On a seasonally adjusted, Q/Q basis, Eurozone GDP grew by 0.3%. Before optimism became too entrenched, however, the Bundesbank threw some cold water on these interpretations. Noting seasonal factors, including comparisons, GDP may not have been [...]
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