The Problem With the ECB's Concern Over the Weak Dollar: The Dollar Isn't Weak

The New York Times told readers this morning that the European Central Bank (ECB) would like to cut back on its quantitative easing program but is reluctant to do so because of the weak dollar. The piece notes that a weak dollar reduces the euro zone's trade surplus with the United States. Also by making low-cost imports available, it undermines the ECB's effort to raise inflation to its 2.0 percent target.

The piece explains the weak dollar:

"There’s not much Mr. Draghi can do about the wea...