Central Banks


Comments from Knot

I love the phrasing of this line. It’s like the United States of Europe are inevitable in the minds of the elites; it’s just a matter of getting the people ‘ready’ for them. The European leaders are so high-minded about the rest of the world but they would never dream of putting ideas like collective debt to a vote, because they don’t really believe in democracy.

Other comments from Knot:

  • Capital key is ECB’s compass
  • Deviations from capital key in PEPP are temporary
  • ‘Not convinced’ pandemic will lead to deflation shock
  • Core inflation relatively sticky in Europe

Anyone taking bets on how long the Pandemic Emergency Purchase Programme will last? I’m guessing they’ll have to rename it in two years.

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