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I hesitate to disagree with someone like Mr. Van Popta, but if that's what he has said, I must. The ECB policy is not extreme. It is measured to the need to avoid deflation and resulting stagnation. At best, you could say it has resulted in extremely low rates, but that is an empty statement.

What is extreme is the total refusal of the supervisor to recognise that the current rates are artificial and in no way a reflection of market forces. They are irrelevant over a long period, if only because the ECB buying programme is limited in time. Once again, the interests of beneficiaries are sacrificed on the altar of civil servant's peace of mind and inflexibility.

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