February 3, 2012

The Great Zero-Interest-Rate Gamble

Jeremy Warner, Daily Telegraph

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Bravo, Mario Draghi, the European Central Bank’s new president. Everyone assumed that this mild-mannered Italian would be so determined to prove himself to his Bundesbank masters that he’d be even more German than the Germans in pursuit of the principles of sound money. The profligate Italian of caricature would become the hair-shirted German, lashed to the mast of the Bundesbank’s anti-inflationary tradition.

In practice, he’s proved anything but.

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TAGGED: interest rates, European Central Bank, Mario Draghi, Jeremy Warner

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