The “double-dip” is now baked in to Euro Area forecasts. And GDP does not recover to 2019 levels (let alone trend) until end of 2022.

RT @MikePMoffatt: Fascinating stuff – must read monetary policy piece. twitter.com/adam_tooze/sta…

Fed’s GIGANTIC asset purchases in March 2020 were not generic QE. They were to sustain “market functioning” in most important financial market of all. Sign