This gets little publicity. For two years, the European Central Bank has been shrinking its monetary base.
Europe as a whole is close to recession, but prices are not falling.
Keynesian analysts are fit to be tied. The ECB is supposed to inflate, like other central banks. It isn’t.
This Washington analyst has little good to say about the policy.
The ECB has said that it may ramp up in September. Let’s hope it conveniently forgets.