The ECB in search of meaning

The Federal Reserve is under an illusion: The purchasing power of money cannot be measured objectively and an inflation target cannot be enforced.

This commentary is from the column “Mayers Weltwirtschaft” (Mayer’s World Economy) which was published in the FAS (Frankfurter Allgemeine Sonntagszeitung) and is available online at www.faz.net (in German only).