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Barry Eichengreen | The Legacy of the Great Moderation: Currency, Populism, and Credit

Hidden Forces

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Is the ECB a Hack for Fiscal Policy?

The depressed state of the economy when households were deleveraging rather than spending and there was still high uncertainty about the future which was making firms cautious. We're now clearly back in the United States at full employment. Inflation is showing signs that it will pick up. So I think it's appropriate for the ECB to move more slowly to wait what it's done. It's pre-announced that it will not raise interest rates until the second half of next year and I think that's appropriate.

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