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ECB Hasn't Read the Stagflation Memo

With euro money supply turning negative, the risks now are that the ECB has blundered straight into a stagflationary trap.

The memory of 2011 still resonates when the Jean-Claude Trichet-led ECB raised rates twice, ignoring the ramifications from the global financial crisis, and precipitating a deep downturn in the euro economy.

Marcus Ashworth Bloomberg 14 september 2023


ECB höjde styrräntorna med 25 punkter till 4,00 procent

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