Why Krugman is Depressed

Erik Kirshbaum via Tyler Cowen:
Chancellor Angela Merkel said on Saturday that the European Central Bank has just one mission — to ensure monetary stability.

Merkel said in a speech to her Christian Democrats in Braunschweig on Saturday that treaties prevent the ECB from taking on any other tasks, such as those such as the U.S. Federal Reserve have.
Meaning, I think, that the European Central Bank (ECP) cannot undertake stimulative monetary policies.

Here we go again.

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