CentralBankNet's Monday Morning Comment
Even after the 0.5% cut last Thursday, 8 November, the ECB still has a credibility problem. The problem can be stated in a nutshell. Its monetary policy decisions have on the whole been right, but it has got little credit for them. On the contrary, the media is full of critical comments alleging that the ECB lacks credibility. Unfavourable comparisons are constantly drawn between the ECB and the Federal Reserve, and
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