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.
欧洲央行(ECB)的货币政策近来一直过紧，这体现于2013年10月的核心年通胀率降至0.8%。上周的放松货币政策之举势在必行。的确，早就应该这么做了。
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