On Thu, 3 Jan 2002, Dennis Robert Redmond wrote:
> In practice, the ECB has been pro-inflationary, of all things; despite
> its neolib rhetoric,
Dennis, it's not just rhetoric, it's statute. The ECB is required under its charter to keep headline inflation below 2%, which seems stranglingly tight. My impression is that a year of 3% inflation and 5% growth would be considered a failure on their part, devoutly to be avoided.
Michael
__________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com