This week will probably prove it once and for all: the Europeans are mad. The Americans, on the other hand, although generally considered mad, are finally leaving the Europeans far behind when it comes to economic sense. On Thursday, the ECB Governing Council will meet and, unless all the forecasters are wrong, will raise interest rates, even though the European economy is in the doldrums. In the US, which is still enjoying strong growth, full employment and rising labour force participation, the President is, by contrast, pressing the Federal Reserve to cut interest rates.
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