Insight of the Day

From Nick Rowe: "Countries like the UK, US, Japan, have large debts and deficits. But they control their own monetary policy, and none of them have monetary policy anywhere near that tight. If they did set monetary policy that tight, they too would have a solvency crisis."

How tight is "that tight"? Well, it's Ireland tight. Coincidentally, Ireland doesn't control Ireland's monetary policy.