The fear of a descent into Japanese-style deflation is starting to influence monetary policy making in the eurozone.
Inflation in the currency union continues to creep downwards, standing at 0.3 per cent in August. The European Central Bank is contemplating whether to follow the central banks of the US, the UK and Japan in implementing a programme of quantitative easing, buying assets in large quantities.
But such a strategy would not prevent a Japanese-style “lost decade”. It may in fact lead to the very predicament it aims to avoid.
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