US medicine won't cure Europe's ills

Markets now believe the EU is stuck in a Japan-style deflation trap. Worse, the American QE solution can't get it out.

The sudden disappearance of the European Central Bank’s credibility is potentially the most shattering global financial event since September 2008.

In New York last Thursday, ECB President Mario Draghi said: “Let me be clear: we are accountable to the European people for delivering price stability, which today means lifting inflation from its excessively low level. And we will do exactly that.”

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