One thing ECB Czar Jean-Claude Trichet has just said during his press conference kind of surprised me: "A Liquidity Trap would not be appropriate for us".
This from a man who until today treated any talk of deflation in the Euro-zone as preposterous science-fiction and was very proud of the fact that his central bank, unlike his colleagues across the ponds, still had ample ammunition. Can non-traditional monetary tools and quantitative easing be very far?
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