Business activity in the euro zone picked up at its fastest pace since mid-2011 this month, and far quicker than expected, as slowing growth in France following the Nov. 13 attacks was offset by a buoyant Germany.
While the upturn in activity may be welcomed by European Central Bank policymakers, Monday’s surveys showed firms again cut prices, suggesting ultra-loose monetary policy is doing little to get inflation near their 2 percent target.
“This upbeat survey about the European economy fell short on one important aspect though: inflation,” said Bert Colijn at ING. “The survey indicated that despite the strongest output growth and job creation since early 2011, there was still no sign of inflationary pressures.”
Even with the ECB injecting 60 billion euros a month of new money through its bond-buying programme since March to support growth and inflation, prices rose only 0.1 percent last month. It is expected to expand the programme in December……
……”Overall, euro zone GDP growth of even 0.5 percent will not be sufficient to eat into the vast amount of spare capacity that still exists and help to boost inflation,” said Jessica Hinds at Capital Economics……..
Inflatsiooni pole ja eurotsoonis on “spare capacity”, mis tähendab vabu tootmisvõimsusi majanduses. Majanduspoliitikat aetakse diletantlikult, kui miljonid inimesed on töötud ja majanduslikud väärtused jäävad loomata. Võib olla kordan ennast liiga tihti, aga eurotsooni kõige suurem probleem on tasakaalutus. Seda nad lahendada ei suuda praeguse set up’i juures. Tänu vigasele eurole opereerib majandus eurotsoonis alla oma potentsiaali. ECB “rahatrükk” pole inflatsiooniline.