Path Dependency in the EU and U.S. Economies
July 4, 2008
Paul Kedrosky submits:
This quote from a Deutsche Bank report on the differing approaches to rate-setting in the EU and in the U.S. is fascinating and instructive:
Recent and prospective differences between the Fed and the ECB in the conduct of monetary policy have been striking. The ECB has launched a Martian frontal assault on inflation while the Fed has opted for a more cautious and patient Venusian approach.
Path Dependency in the EU and U.S. Economies
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