Euro-zone money suppy and credit growth accelerates further
Credit growth to the private sector also accelarated from 7.5% to 7.9%. This further shows the absurdity in characterising the ECB as inflation hawks and attributing growth problems to "tight monetary policy". In fact the ECB pursues a far too inflationary policy who have created distortions, in the form of for example housing bubbles in many markets, which have weakened the European economy. The ECB should therefore raise rather than cut interest rates. Ultimately though, only a gold standard is likely to prevent this kind of destructive inflationary policy.