Fasten your seatbelts!
Christine Lagarde, President of the European Central Bank (ECB), promised Europeans last Thursday a “long journey” towards the normalization of monetary policy in the euro zone.
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It will indeed be a long journey back from “terra incognita”, this unknown land explored in the wake of the 2008 financial crisis in the United States, faced with the sovereign debt crisis in the euro zone a few years later. .
After several decades of falling inflation and several months or several years of fighting the economic crisis, monetary policy had reached a natural boundary: zero short-term interest rates.
“We had reached the end of orthodoxy
,” explains former Fed boss Ben Bernanke in his Memoirs.
He was the first (after the Japanese pioneers) to cross to the other side.
Discovering a strange and fabulous land, of free and abundant money.
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The European Central Bank has used several…
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