Shaun Richards: The ECB has set itself up for a disastrous policy error with echoes of 2011

Yesterday turned out to be quite a day in central banking terms. There is much to say about my home one as in the Bank of England, but the truth is that even the extraordinary fantasy world that a couple of its policymakers apparently live in was quickly gazumped a couple of hours later by European Central Bank ( ECB) President Christine Lagarde. That has echoes of both 2011 and her “shock and awe” comments about a claimed Greek economic recovery that rapidly turned into a depression.

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