As the EU cuts its growth forecast this morning for 2019 and 2020 to barely over 1%, it is good to hear an ECB official admitting that the old add-debt-for-present-consumption model is at a close and the new paradigm has to be about investing in future productivity.
European Central Bank official Robert Holzmann signalled that monetary policy has reached its limit, and argued it’s time for fiscal stimulus to step in…
“What you need is public expenditure that helps youngsters,” he said, adding that investment in artificial intelligence and information technology is needed. Here is a direct video link.
;
