Comment: Activism the ECB way

Yesterday, Jean-Claude Trichet explained how the ECB's decision to leave interest rates unchanged for more than two years should not be equated to non-activist monetary policy.

At a lecture at the London School of Economics, Trichet said that the ECB's decision to move interest rates much less than the US Federal Reserve over the past two years, had "generated a very interesting discussion on central bank activism". But, he said, it would be wrong to suggest that, just because interest rates

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