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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: pater tenebrarum who wrote (77905)12/3/1999 6:00:00 PM
From: BGR  Read Replies (1) of 86076
 
Sure. EU has structural problems. And that is not the ECB's fault.

But the fact is that despite the structural problems EU (and Germany in particular) was slowly coming out of a recession, which is significantly impacted - negatively - by the rate hike. So, let's not confuse these two independent things.

Saying that the ECB rate hike is justified because money supply was growing above target is a tautology, and you know it. They are one and the same thing. The important question is whether the money supply target was realistic given the state of the economy. The market votes that the ECB blew it when it came to estimating that target. Disagree with the market if you want, that's your choice.

As for oil prices, aren't there already enough taxes on European oil prices? BTW, is a weak Euro going to help contain inflation in the EU? Ho ho ho!
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