Even €1.1 trillion won't fix Europe

‘That does not make sense to me, Steven’. I had called my 86-year old grandmother upon landing from a recent European trip. ‘They tell me’, she said, ‘that interest rates in Switzerland are zero’. Actually, I replied, they are negative. Dearest Oma, you are not losing your marbles. I don’t think it makes sense to many people. But it is the world we live in. And with the European Central Bank about to announce a dramatic increase in its quantitative easing – purchasing €50bn of government debt each month for the next one to two years – citizens are going to be...

‘That does not make sense to me, Steven’.

I had called my 86-year old grandmother upon landing from a recent European trip. ‘They tell me’, she said, ‘that interest rates in Switzerland are zero’. Actually, I replied, they are negative.

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