The Draghi Rorschach test | FT Alphaville


 

As Wonkblog put it:

In other words, until we see evidence that the central bankers are genuinely engaged in competitive devaluations and are willing to allow inflation well above their historical targets to get it, there’s not a whole lot to worry about. Rather, it is a bunch of nations trying to set their monetary policy in ways that make sense given the circumstances they face—low inflation and high unemployment.

If this is a war, it is one with few casualties, quite a few potential benefits, and one in which the generals are enjoying good wine together six times a year.

The Draghi Rorschach test | FT Alphaville

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