2012年5月26日土曜日

THE SAVIOR OF EUROPE


WORLDVIEW (March 5, 2012) by Fareed Zakaria
The Savior of Europe. Mario Draghi just bought his continent—and the rest of the world—some breathing room.
  Because Draghi, the head of the European Central Bank, printed about $600 billion so that Europe’s banks would be able to borrow as much money as they wanted at the rate of 1%. Thanks to the printing, European stocks had their best January in nearly 15 years. Draghi’s action is not a new model because the Federal Reserve in U.S. did the same four years ago although it was criticized by many. Japan’s central bank also printed trillions of yen to stabilize the economy after the Great Tsunami in March. The fear of inflation is justified, but it will not happen at a time when unemployment is sky-high. If the lenders of last resort had not done it, we would be discussing how to get out of a global Great Depression.
(148 words)

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