Data dependent, they claim. They aren’t. Mario Draghi at his last press conference admitted, “incoming information, [is] somewhat weaker than expected.” There is so much riding on the word “somewhat.” Because of the weasel, the head of the ECB told the assembled media policy normalization was unimpeded. He did so with a straight face.
Good. Europe’s QE experiment needs to end. Not because it succeeded, rather since there was no hope for it from the beginning. It was a giant waste, at best an enormous distortion. At most, it was a huge distraction from the real problem.