Over the last few days I have been arguing that the policy measure the ECB is expected to adopt on June 5 will have effects on real economic activity that will be neither sizeable nor lasting. Save, I added, on compensations and bonuses for CEOs, CFO,s, and CIO at banks, mutual funds, and financial intermediaries in general.

Continue reading “ECB about to Cut Its Rates. So, Why Isn’t the Euro Depreciating?” →