Path Dependency in the EU and U.S. Economies

Paul Kedrosky submits: This quote from a Deutsche Bank report on the differing approaches to rate-setting in the EU and in the U.S. is fascinating and instructive:Recent and prospective differences between the Fed and the ECB in the conduct of monetary policy have been striking. The ECB has launched a Martian frontal assault on inflation while the Fed has opted for a more cautious and patient Venusian approach.Complete Story »