The European Central Bank has apparently decided to force through the restrictive path it embarked on in the summer – even if it becomes clearer every day that it is wrong. Even large institutions built on rationality like the ECB can run such a childish programme of defiance when their leadership is intellectually overwhelmed and has once surrendered completely to political pressure. Christine Lagarde has rightly become the symbol of this failure because, due to her lack of expertise, she was and is unable to counter the primitive public understanding of inflation and monetary policy that dominates the public debate.
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