Heterodox
The European Central Bank has dropped its long-standing pledge to boost stimulus if conditions deteriorate, signalling the triumph of German-led hawks and marking a major turning point in the eurozone’s monetary regime. The approaching end to the QE-era pulls away the protective shield for Italy and the high-debt Latin states, and for thousands of “zombie companies” kept afloat on monetary life-support. Italy is the lynchpin of the euro. If Italy fails, the EZ fails. Stay tuned.The...
Read More »Andreas Dombret — A stairway to heaven? The promises and limits of global integration
The speech is not short but it is important considering this is the Bundesbank.The conclusion at least is a must read. 7. Conclusion Ladies and gentlemen I was born in the United States, grew up in Germany, and spent much of my life working around the world, including London. Personally, the backlash against the integration of our global community has shattered my core beliefs and worries me deeply. But I accept that global economic integration has gone too far. Theoretically, it may be...
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