Europe's central bank risks recession to combat inflation, writes pierrebri
and trying to balance the inflation risks and danger of recession. But ECB policymakers’ oft-repeated eagerness to appear “determined” to fight ever-higher prices, and their fear of an inexistent wage spiral, have prevailed to the detriment of economic growth.
The central bank’s own analysts see the euro zone economy barely growing next year, by 0.9%. And that was before Russian President Vladimir Putin ordered a shutdown of his country’s main gas pipeline to Europe.Thursday’s decision will have little impact on the current inflation, due for the most part to rocketing world energy prices. But the ECB may well be blamed at some point for doing little to help the euro zone out of the Putin-induced recession.
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