When the European Central Bank's Governing Council met on December 14, there was little to surprise financial markets, because no policy changes could be gleaned from public remarks.
Only a small group of central banks refrain from intervening in the foreign-exchange market to stabilise their currencies' exchange rate or coax it in the desired direction.
What a government spends the public pays for. There is no such thing as an uncovered deficit.” So said John Maynard Keynes in A Tract on Monetary Reform.
When the European Central Bank's Governing Council met on December 14, there was little to surprise financial markets, because no policy changes could be gleaned from public remarks.
Only a small group of central banks refrain from intervening in the foreign-exchange market to stabilise their currencies' exchange rate or coax it in the desired direction.
What a government spends the public pays for. There is no such thing as an uncovered deficit.” So said John Maynard Keynes in A Tract on Monetary Reform.