(1) Local communities such as this one in Spain resort to using old currency to stabilize spending.
(2) Ambrose Evans-Pritchard calls the ECB a flat-earth central bank for its handling of supply shocks and its attempt to keep kick Spain in the teeth.
(5) Two ECB Governing Council officials say the ECB will actually tighten sooner than the what is implied in (3) even though more credit downgrades are likely and credit spreads are increasing for the Eurozone periphery.
Yep, that is what I call some tight monetary policy.
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