It is very hard to feel sorry for central bankers. Well-paid, hyper-educated, unelected technocrats with enormous power rarely inspire public sympathy.
Nominal interest rates are as close to zero as possible. Real interest rates, which take account of inflation, are negative. eurozone inflation, at minus 0.1 per cent, is once again below the worst-case scenario in the ECB’s most recent stress tests for Europe’s banks. A tiny economy like Ireland can sell a 100-year bond...
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