The European Central Bank has lost control of interest rates in Spain and Italy

WHEN interest rates are high savers are happy, but borrowers are not. When they fall, savers’ pain is debtors’ gain. It is a natural trade-off. But in the euro zone these days rates hurt everyone: they are low for depositors and high for borrowers. This is especially so in Italy and Spain, where the…

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The European Central Bank has lost control of interest rates in Spain and Italy

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