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ECB Must Be Determined But Avoid ‘Brutal’ Moves, Villeroy Says
The European Central Bank must show determination in tackling record inflation to avoid being forced into “unnecessarily brutal” interest-rate moves later on, according to Governing Council member Francois Villeroy de Galhau. Sustained hikes will be necessary at least until borrowing costs reach a level at which they neither stimulate nor constrain the economy, the French central bank head said in a speech at the Federal Reserve’s Jackson Hole symposium. That may happen by year-end after “another significant step in September.” With a rate-setting meeting less than two weeks away, a debate has started over ... (full story)
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The elites think we are stupid. They are in the main quite correct.