Six months ago, we feared the specter of a deflationary spiral.
Despite the summer rebound in the post-deconfinement economy, consumer prices in Europe were entering negative territory for the first time in five years.
Now, despite the second wave of the coronavirus, the opposite fear, that of an uncontrollable surge in prices, has gripped economists and financial markets since the start of the year.
A headache for the central banks which, after having sought to wake up inflation by the massive injection of liquidity in the economy, could suddenly have to curb it by putting an end to their accommodating monetary policy.
This makes the markets panic, addicted to this easy money, and gives a cold sweat to over-indebted governments after the historic crisis.
Read also: The ECB will step up its emergency program
Hope for an economic boom
With vaccination, the hope of turning the page on the recession is here.
And even to come out of it at a rapid pace, to reconnect with insolent growth.
The idea made its way from an entry into
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