The believe that pushing inflation up to 2 pct will really make one iota of difference to the economic well being of millions of Europeans can only be described as stupid. If anything, workers will be worse off in real terms, as will be savers. So consumption will in all likelihood be on a downward trajectory. With respect to 'structural' reforms, maybe the ECB should first look at itself: what benefit have the people of the Eurozone gained from employing thousands of overpaid jobsworths in the super expensive tower that accommodates them in Frankfurt? Does one notice any difference from when the countries had their own currencies?
PS: Just spotted Bill Gross' opinion about Fed Policy, so I am not alone with my opinion!
History for the Books: Javier Milei & Argentina’s Budget
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For most of 2023, Javier Milei advocated a number of libertarian policies
aimed at reversing Argentina’s long economically downward trend. Among them
was...
9 hours ago
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