Europe’s Emerging Bubbles
The European Central Bank’s recent policy moves have shocked many observers. But they are just the latest in a string of efforts by the ECB to address the fallout of the collapse of a massive bubble – efforts that have served only to fuel more bubbles.
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MUNICH – The European Central Bank’s latest policy moves have shocked many observers. While the goal – to prevent deflation and spur growth – is clear, the policies themselves are setting the stage for severe instability.