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Better Cut Soon.(ISSUES & INSIGHTS)(EDITORIALS)(Editorial)
Economy: Once again, the European Central Bank has opted for caution over boldness by not cutting interest rates. To this, we ask: Why wait?
The bank's president, Jean-Claude Trichet, thinks a rebound for the European Union's slow-moving economy is on the way -- despite what he calls "mixed signals."
Trichet's belief in a growing economy amounts to little more than blind faith, with no facts to back it. Bluntly put, the EU right now is in awful shape. It no longer pulls its weight in the world economy.
The EU's own economists expect little more than stagnation, now the status quo. Europe's GDP grew at a yearly rate of just 1.2% in the last quarter of 2003. Most analysts agree the rebound Trichet thinks is coming will bring growth only a bit above that.
But doesn't the EU have to be wary of inflation? Hardly.
Inflation, which apparently scares Europe more than al-Qaida, has now dropped below 2% -- the "ceiling" Europe's central bank has set. Meanwhile, unemployment remains stuck at 8.8%.
Let's see, low inflation, high unemployment, slow growth. As just about any economics student at any reputable university, even European ones, will tell you, that's a classic scenario for rate cuts.
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