{"id":19206,"date":"2014-08-31T20:25:33","date_gmt":"2014-08-31T18:25:33","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=19206"},"modified":"2014-09-01T01:51:19","modified_gmt":"2014-08-31T23:51:19","slug":"draghis-views","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/draghis-views\/","title":{"rendered":"Draghi’s Views"},"content":{"rendered":"

In a recent speech Draghi broke three taboos at once. First, he based his reasoning on the heterodox notion of a policy mix combining monetary and fiscal measures. Second, he explicitly mentioned the aggregate fiscal stance, whereas Europe has always looked at the fiscal situation exclusively on a country-by-country basis. Third, his claim that preventing the ECB from acting as a lender of last resort imposes a high price \u2013 making governments vulnerable and reducing their fiscal space \u2013 contradicts the tenet that the central bank must not provide support to government borrowing. \u00a0Draghi’s View<\/a><\/strong><\/p>\n

\"Draghi?\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent speech Draghi broke three taboos at once. First, he based his reasoning on the heterodox notion of a policy mix combining monetary and fiscal measures. Second, he explicitly mentioned the aggregate fiscal stance, whereas Europe has always … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-19206","post","type-post","status-publish","format-standard","hentry","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t