The ECB’s New Macroeconomic Realism
The European Central Bank has finally crossed the Rubicon and launched a bold policy of quantitative easing, which may help arrest Europe’s slide into stagnation. Even if it is not an effective growth strategy, QE should be welcomed; indeed, the ECB should be encouraged to do everything in its power to ease monetary conditions.
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NEW YORK – The European Central Bank has finally launched a policy of quantitative easing (QE). The key question at this stage is whether Germany will give the ECB the freedom of maneuver needed to carry out this monetary expansion with sufficient boldness.