'Whatever it takes' is not the whole story

Whether or not you accept the ECB's view on new euro strength as a deflationary risk, the need for a weaker currency is not a given. In fact the ideal exchange rate for each euro country is vastly different.

After fighting the weakness of its euro currency for the past five years, the European Central Bank now seemingly has an even more fearsome opponent to tackle: the strength of the euro. At least this is the narrative that the ECB is trying to establish.

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