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Because Draghi tells them there's no alternative and he's the Archeconomist.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 12:48:11 PM EST
[ Parent ]
So Draghi is insane now?
I'd been under the impression that he was steeped in Seriousness, but occasionally made contact with reality...
by Metatone (metatone [a|t] gmail (dot) com) on Sun Mar 17th, 2013 at 12:54:43 PM EST
[ Parent ]
Draghi's the one that spoke at the Council on Thursday evening.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 12:55:34 PM EST
[ Parent ]
Thus Spoke Draghithustra: Euro area economic situation and the foundations for growth (slides from the presentation): Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels,14 March 2013.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 01:09:59 PM EST
[ Parent ]
And that's all he really had to say:
Conclusions
  1. Review of product and labour markets to see whether they are compatible with participation in monetary union
  2. Reform contracts for countries with pressing competitiveness problems.
  3. Full implementation of Single Market legislation
Oh, and "LTRO and OMT worked" (which they did).

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 01:13:51 PM EST
[ Parent ]
Oh, and
Draghi Doctrine photo DraghiDoctrine20130314_zps901232e9.png

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 01:19:18 PM EST
[ Parent ]
Note that "supportive monetary policy" is not supportive of fiscal policy. It's supportive by keeping inflation down.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 01:21:32 PM EST
[ Parent ]
being, of course, wage inflation (asset inflation seems much less worrisome to these guys - although to be scrupulously fair to the ECB, they were the only ones to worry about in the 05-07 period - if not to the point of doing much about it)

Wind power
by Jerome a Paris (etg@eurotrib.com) on Sun Mar 17th, 2013 at 01:24:24 PM EST
[ Parent ]
Belgians, Italian, Austrians and the French are richer than the Germans - in the case of the French, the gap is surprisingly large in favour of France, as a result of rising wages, he writes, which are now dogging the country's competitiveness.

And there we see that high median wealth is damaging to 'competitiveness.'

Who'd a thunk it?

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Mar 18th, 2013 at 07:22:45 AM EST
[ Parent ]
The solution to Europe's economic woes is to make us all as poor as Germans!

No wonder they're trying to hush it up.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Mon Mar 18th, 2013 at 08:42:37 AM EST
[ Parent ]

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