Rates of wrath: Why the EU needs real reform

It's clear deficit spending and currency devaluations have run their course in their eurozone. But implementing loose monetary policy is not going to kick-start growth.

It is a strange world. Even the most ardent defenders of the European Central Bank’s interest rate cut last week do not claim it will have any effect. All they say is that it underlines ECB President Mario Draghi’s commitment to save the euro “whatever it takes”. It was a psychological signal to markets rather than a meaningful change of policy, so they argue.

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