Why the global monetary makeover is wearing off

There’s only so long monetary policy can pretend to solve painfully real problems of public debt, demographics and inflexible economies in Europe and Japan.

It’s another week in the never-ending euro crisis. There is talk about the need for another Greek haircut before the end of the year. The ECB is pressuring the German constitutional court not to declare its bond buying activities illegal. And, believe it or not, French President François Hollande has (once again) officially declared the euro crisis over. Let’s hope the euro crisis was told.

It is tempting to discuss the political complications of that Greek haircut, the intricate details of German constitutional law, or indeed the sanity of the French president. But I am not going to do that – at least not today.

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