A Fed fallout shelter for Europe

Europe’s bulwark against repercussions from the end of QE includes options for new rate cuts and liquidity injections, as well as close communication from central banks. But policy makers are still right to be scared.


The US Federal Reserve’s massive experiment with economic stimulus will be wound down. Get used to it. Less certain is whether central bankers in Europe, as well as emerging markets, can avoid destructive consequences.


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