ECB: On the Credit Wave towards Zombification

When recently Christine Lagarde, president of the European Central Bank, invited on Twitter the European youth to help shape the future of the euro, she was swamped by a wave of criticism. Most of the responses contained the hashtag #bitcoin, revealing a certain distrust against the euro, the ECB and Christine Lagarde. Indeed, the asset purchase programs of the ECB have pushed up asset prices, making it difficult for young people to buy a home or build up wealth. As we will show, the so-called (Targeted) Longer-term Refinancing Operations ((T)LTROs) further zombify the European economy and deteriorate the real income prospects of young Europeans.

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