It amazes me that he comes out with this stuff after. He was sitting next to Draghi in the presser
- Without our policies inflation would have been a third of a percent negative in 2015 and would have stay
- Sole aim if negative rates was to lower yield curve
I wonder if he can prove that claim about inflation?
The comments are from an opinion piece published on the ECB's website. He also throws in an estimate of what ECB policy has added to growth;
"We estimate that two thirds of one percent of the registered growth in the past two years was due to our monetary policy. However, what we achieved in fostering internal demand was undone by the subsequent decrease of net exports in a decelerating world economy. These developments did not make our policy less effective, only ex-post insufficient for the desired outcome."
Would anyone class that as getting their money's worth?
