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Lavoro nel mondo
Lavoro in Italia

ECB, remembrance of things past

Back in 2001 , right after the introduction of European single currency, ECB refused to follow suit to cuts in Us interest rates. Few months later Europeans had to recognize that recession in the US was taking a huge toll on European growth. This somewhat autarchic attitude ha repeated itself over the last several months. Mr Trichet has so far refused to recognize that inflation is not interest rate driven (the price of Commodities are increasing in an environment of decelarting growth). A few ECB members have recently conceded that European growth is at bay. Euro has tried a few dips, but it could enter into a long period of depreciation.

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