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Quantitative Easing Or Business Easing In Europe?

Janssen, R. (2014) “Quantitative Easing Or Business Easing In Europe?“, Social Europe Journal, 08 Σεπτεμβρίου.


A political “consensus” is at this moment being forged in the Euro Area around a policy mix where the ECB would go for some form of, yet undefined, quantitative easing and this in exchange for radical structural reforms.

To push this view through, it seems as if anything is allowed. A rather hallucinating illustration of this is what Mario Draghi is reported to have said in the press briefing that followed the September meeting of the ECB board last week:

“We can provide as much monetary stimulus as we want, but if the person who plans to use this credit for a new business has to wait eight months before he or she can open this new business, and then has to pay lots of taxes, this person will not apply for credit.”

It cannot be clearer said than that: The real problem with the Euro Area is business is facing too many obstacles. No amount of monetary easing can ultimately compensate for the fact that the Euro Area simply isn’t “business friendly” enough.


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