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Look, there's no way that 2% interest rates when inflation in the biggest countries has been 1.5-2% (and much higher in the periphery countries like Spain and Ireland who enjoy higher growth and higher inflation) can be called anything but not-tough.

The ECB has been extremely pragmatic. That image just does not fit with the neolibs's discourse, so they call it otherwise. It's only rigid when compared to the Fed's outrageously lax policy.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Mon Mar 6th, 2006 at 08:28:17 AM EST
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