The European Central Bank’s new inflation-targeting strategy could lead to an even more protracted period of quantitative easing (QE) than has previously been anticipated by economists and is similar in its market implications to that of the Federal Reserve (Fed), although the strategy could be better understood as a reflection of the ECB having learned from the mistakes of the past rather than as a response other central banks’ policies. European central bankers have agreed and voted to lift their inflation target from a slightly ambiguous “below but close to 2%” up to exactly the level of 2% following the first ... (full story)