Why is the European Central Bank to the right

The European Central Bank is of the curve not behind him, and ultimately the euro, the ECB takes into account the reluctance to take action to unconventional ideas after Stephen Gallo, head of analysis at Schneider FX.

The ECB’s policy is one of the few who see the futility of monetarism, that to combat a crisis caused by an excess of liquidity and the accumulation of debt through butter lot more so.  The markets have put the idea that the western economies need to re-enter the state in which they for the most two or three decades.  This idea is not taken into account that the strong growth and low inflation for the most part this is due to a credit illusion created by the deficit countries like the USA and Britain. 

It is the historical development, where the printing of money, now under the pretext of “quantitative” or “the easing of the credit,” failed.  It is absurd to assume that the exponential growth of the monetary union is not ready to produce unpleasant side effects. Flood of cheap products of developing countries is the main reason that the historical relationship between inflation and money supply was low.