Recent reports by the European Central Bank paint a picture of two Europes divided by a single currency. The first grouping is composed of highly indebted countries, chief among them Italy and France. The second, led by Germany, is the Europe of fiscally conservative countries. The former support additional quantitative easing to keep national budgets from ballooning. The latter have accepted the recent splurge of ECB-authorized bond-buying through gritted teeth and may be running out of patience. Both groups need to find a compromise. My proposal is to use quantitative easing differently. Rather than a policy that ... (full story)