The monetary policy of the European Central Bank has been too tight. This is shown in the fall of core annual inflation to just 0.8 per cent in the year to October 2013. The case for the monetary easing undertaken last week was overwhelming. Indeed, it was long overdue.
歐洲央行(ECB)的貨幣政策近來一直過緊，這體現於2013年10月的核心年通膨率降至0.8%。上週的放鬆貨幣政策之舉勢在必行。的確，早就應該這麼做了。
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