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The ECB's Dilemma
As its governing council prepares to meet in Frankfurt on Thursday, the European Central Bank finds its scope for action influenced not just by regional issues but also by the world's other systemically important central banks. The ECB is wedged uncomfortably between, on one side, the Federal Reserve -- which is able but unwilling to venture deeper into unconventional monetary policy -- and on the other, the Bank of Japan and, to a lesser extent, the People's Bank of China, which remain willing to do more, but with measures that appear increasingly ineffective in supporting economic activity. Treading this delicate ... (full story)
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