The ECB and Its Critics
The European Central Bank’s decision to embark on quantitative easing has triggered an avalanche of indictments, largely reflecting northern European (and especially German) concerns. Though the main charges against QE are unfounded, they must be confronted head-on, lest they undermine the ECB’s credibility and effectiveness.
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PARIS – In Northern Europe, especially Germany, the European Central Bank’s decision to embark on quantitative easing (QE) has triggered an avalanche of indictments. Many are unfounded or even baseless. Some are confusing. Others give greater weight to speculative dangers than to actual ones. And few point to real problems, while ignoring potential solutions.