ECB is doing what it could have done during the banking crisis
Since the pandemic began, the European Central Bank has bought 80 per cent of all public debt issued in the eurozone. But if the ECB really wants to generate growth, it needs to kickstart wage inflation
If I were to pick an institution of the year, it would be the European Central Bank. In 2020, it provided the funding conditions that allowed all eurozone member states to finance their fiscal response to the Covid-19 crisis. It did this by actively pushing down the cost of borrowing for all governments. If the ECB had not done this, there is no way that the Irish government would be able to afford to pay...
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