What a mystery. Mario Draghi lowers interest rates again, this time to minus 0.4%. And banks are still not lending out their excess reserves, even though they have to pay interest on excess reserves at the ECB. Credit growth has been lacklustering. What is going on? And why will Draghi’s loose monetary policy not even achieve the goals of Draghi himself?

The Myth of Deflation

How Banking Works

Example: Two Banks

The Fed and ECB: Volatility as Public Enemy Number One

In the Words of the President of the Eurogroup, Jeroen Dijsselbloem

Why Draghi Will Fail and The One Thing (Almost) No One Talks About

Low Interest Rates Wreck the Economy


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