Germany does not need abstract economic ideas it needs labor market reforms.
More Quotes from Holger Schmieding:
They were slightly more dovish than I expected. There is a bit of a conflict between the bank's statement, and the numbers they gave.Holger Schmieding
The ECB probably has not found a consensus yet on rate policy beyond Dec. 1. For this reason, the ECB is unlikely to provide any clear Fed-style guidance on the future course of rates,
Holger Schmieding
We think around 4.5 percent is the adequate level for U.S. interest rates -- you could call it a neutral level -- and as there are modest inflation risks in the U.S., we expect the Fed to go slightly beyond that to 4.75.
Holger Schmieding
It is unlikely now that Germany and Italy will move ahead on the crucial issue of dismissal rules.
Holger Schmieding
Growth looks more likely to stay below than to rise above 2.5 in the foreseeable future. A further decline in inflation, coupled with mediocre growth, will likely tilt the balance towards further rate cuts later this year.
Holger Schmieding
The bank hiked rates aggressively in late 2003 and early 2004 to cool down an economic boom fueled by an explosive rise in house prices, and clearly attained that goal.
Holger Schmieding
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