The heavy toll of eurozone inaction

Quantitative easing might give some much-needed momentum to the eurozone in the near term, but sluggish wage pressures and the limited impact of a lower currency will see inflation remain weak.

With eurozone inflation falling further in May, the stage is set for the European Central Bank to finally act and stimulate an economy that is showing few signs of genuine recovery. The ECB has been slow to act -- though it is not solely to blame -- and in the process has guaranteed that the European depression will carry on for years to come.

According to advance estimates, annual inflation in the eurozone fell to 0.5 per cent in May. The result was softer than expected and well below the ECB’s target for inflation of about 2 per cent.



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