THE NEW PHASE OF MONETARY POLICY

venitism

BAIL-IN IS OUR GUN!

Breaking with previous EU practice that depositors’ savings are sacrosanct, EU now robs depositors following the bail-in template of Cyprus.

By Vítor Constâncio

The euro area economy is experiencing a broad-based, robust and resilient recovery, and this recovery is underpinned by the monetary policy measures introduced by the ECB since June 2014. However, despite these favourable growth dynamics, inflation developments have been subdued. At the same time, financial stability risks seem contained.

Sustained recovery

The euro area has been expanding for the past four years and the recovery has gained momentum. The GDP in the euro area has finally reached a level above that in 2007, 10 years after the crisis.

Robust economic activity is further being translated into a substantial amount of job creation. Despite the unemployment rate still being too high, almost 7 million more people are now employed in the euro area than…

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