The curse of overabundance

The old adage that you can’t have too much of a good thing does not apply to global macroeconomics, unfortunately. Expect low growth and low inflation

30th December, 2014
The European Central Bank in Brussels: fighting disinflationary pressures Picture: Bloomberg

This year has been a rollercoaster one in Europe. It started with Portugal and Spain’s triumphant exits from their bailouts and talk of a eurozone recovery. It ended with a real threat of deflation, sluggish to no growth in core eurozone countries and a possible snap election in Greece.

Elsewhere, the US Federal Reserve ended its quantitative easing programme as a recovery took hold, Japan doubled down on its own monetary and fiscal...

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