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The ECB’s Stimulus Buys Time. Will Europe Take Advantage of It?
While moderating a panel at the International Monetary Fund in October 2013, I asked each panelist what question about the Federal Reserve’s aggressive policies on quantitative easing we would be able to answer only a decade or so in the future. I still remember the answer from Manuel Ramos-Francia, research director of the Bank of Mexico: “What it really is giving [us] is some breathing space, some room for other decisions to be made,” he said. “And I think that the big question at the end of the day is: Will this breathing room have been useful, will [it] be used in a productive way? Or, on the other hand, ... (full story)