The European Parliament voted to open negotiations on the most ambitious monetary project in Europe since the creation of the euro—without any independent body having examined whether the ECB had the Treaty authority to propose it in the first place.
With the threat of stagflation growing stronger, the ECB is allegedly still reluctant to raise interest rates. This is very troubling, especially with stagflation lurking in the woods.
Christine Lagarde is probably the first major European policymaker to speak openly about why the EU is falling behind globally. But her plan for fixing the problem falls way short.
