"So the European Central Bank (ECB) has decided to follow through on its plans to tighten monetary policy this year. The ECB will begin by raising its benchmark interest rate next month. This is unbelievable. The Eurozone is under severe pressure that could ultimately lead to its breakup and yet the primary concern at the ECB is tightening monetary policy according to schedule. If followed through, the consequences of this are not only bad for the Eurozone, but for the rest of the global economy too. The slow-motion bank run now taking place in the Eurozone could easily turn into another severe global financial crisis..."
at http://macromarketmusings.blogspot.com/2011/06/fiddling-while-eurozone-burns.html
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