The FT reports this morning that:

The European Central Bank has passed the €1tn mark for its controversial purchases of government bonds, putting pressure on policymakers to address the scarcity of available assets when they meet in Frankfurt this week.

Three thoughts. First, there is no inflation, and that was the desire.
Second, there is no real growth, and that was the hope.
Third, as noted, there aren’t many bonds left to buy, so the policy is running out o road.
There is, of course, a solution. We need a Europe wide Green New Deal. This would create the new bonds to purchase and the proceeds would be invested by releasing a carbon army of people across the whole of Europe to green its economies and transform the prospects of generations to come.
Why, oh why, won’t the QE game playing stop and Green Infrastructure Quantitative Easing begin.
Then we might get some inflation.
Then w will have the right sort of growth.
And then there will be bonds to buy.
It’s the complete package waiting to be used.

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