Are Central Bankers delusional?
Over the weekend, Benoît Cœuré, Member of the Executive Board of the ECB, penned a piece defending the ECB’s policies from the criticism that NIRP hurts savers.
The first paragraph reveals, quite clearly, just how lost the ECB is regarding the efficacy of its policies.
If this is the alleged mandate for the ECB, they might want to reconsider their current policies. As we noted over the weekend, four rounds of NIRP as well as over €600 billion in QE has yet to even achieve 0% inflation.
http://www.zerohedge.com/news/2016-05-02/will-nirp-trigger-systemic-event