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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Box-By-The-Riviera™ who wrote (96293)4/19/2001 1:41:08 PM
From: pater tenebrarum  Read Replies (3) of 436258
 
i think one could read something along those lines into some of Duisentwit's comments made during recent press conferences. he said for instance that the actions of CBs of other currency areas are only of secondary concern to the ECB, since 85% of the the Euro zone's trade is with itself.
he also said "the Euro zone has none of the macro-economic imbalances plaguing other major currency areas" (read: no credit bubble, no current account deficit, no liquidity trap and therefore no need for a reckless monetary policy, such as that pursued by Greenboink).

the ECB is a young CB, and the Euro a much doubted currency...it needs to establish a modicum of credibility, and that is done with firm policy targets that are religiously adhered to. the various PR blunders that have occurred over the past year are now much less frequent as well. note, the much revered predecessor of the ECB, the BuBa, established its credibility with a similar iron-fisted policy.
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