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Leading German institute calls for QE blitz to avert deflation trap in Europe
By Ambrose Evans-Pritchard
The Telegraph, London
Monday, March 10, 2014
A leading German institute has called for full-blown quantitative easing by the European Central Bank (ECB) to head off a deflation spiral, marking a radical shift in thinking among the German policy elites.
Marcel Fratzscher, head of the German Institute for Economic Research (DIW) in Berlin, demanded E60 billion (L50 billion) of bond purchases each month to halt the contraction of credit and avert a Japanese-style trap.
"It is high time for the ECB to act. Otherwise Europe risks falling into a dangerous downward spiral of sliding prices and declining demand," he wrote in Die Welt.
"The ECB must counter the deflation threat quickly and decisively and launch a broad-based programme of bond purchase along the lines of the Federal Reserve," he said. The scale should be 0.7 percent of eurozone state debt each month, comparable to "QE3" in the US. ...
... For the full story:
http://www.telegraph.co.uk/finance/financialcrisis/10687708/Top-German-b...
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