• Consumers are not deferring purchases, so no deflation
  • Inflation to remain around zero
  • Leverage of Junker’s fund is a bit high
  • Says fund should have more capital

It’s hard not to defer purchases when you’ve got no money for them in the first place. In the case of Spanish unemployed I think they’ve got more worries than waiting for a new sofa suite to drop by €50

Spain's de Guindos making a point

Spain’s de Guindos making a point