Epstein Secrets

sing instead on cutting (its already negative) deposit rate further in the wake of similar decisions in several smaller European economies. Sweden, Denmark and Switzerland have increasingly relied on negative interest rates to discourage capital inflows (see box). Beyond the zero bound Negative intere

heir magic touch is getting riskier. Look at how last December, the ECB caught investors on the wrong foot. Markets had grown used to its President Mario Draghi over-delivering. Instead the ECB underwhelmed in the short term. It only tinkered on the edges of its existing QE program, focusing instead on cutt

anies Emke Group LLC MSD USA Germany USA India USA Indonesia USA Malaysia United Kingdom Japan Nigeria Kuwait Nigeria Greece Canada Denmark United Kingdom Spain France United Kingdom Chile Russian Federation Italy United Arab Emirates Kuwait Kuwait United Arab Emirates Switzer

Brady W. Dougan Chief Executive Officer Credit Suisse AG Switzerland Arif Dowla Managing Director Advanced Chemical Industries Bangladesh Ltd Mario Draghi President, European Central Bank, Frankfurt Jeffrey M. Drazen Editor-in-Chief The New England Journal of USA Medicine Robert Druskin Executi

is that the terror attacks in Paris highlight are a growing tr=nd: Young Western Muslims who enlisted for jihad in the Middle East are coming home. Denmark is trying to rehabilitate them. In much=of Europe, prosecutors have put them in prison, where they have found kindred spirits. But sometimes, as wit

ntitative=Easing" to buy sovereign bonds and shock the European economy into life. Most in need =f the firepower: France and Italy. If ECB President Mario Draghi, oil and Ger=any can't drag Europe back into growth, the popular mood will continue =o darken, benefiting parties like the anti-immigration, anti- E

ro-economic activity & inflation forecasts: 2015F 2016F 2017F GDP (% yoy) EU Euro area Germany France EFTA01476013 Italy Spain UK Sweden Denmark Norway Switzerland 1.8 1.5 1.7 1.1 0.7 3.2 2.4 3.2 1.6 1.4 1.0 1.9 1.6 1.9 1.4 1.4 2.8 2.5 2.7 1.7 1.4 1.2 Source: National

orrect — in particular our expectation for rise in oil prices in 2017 — headline inflation ought to satisfy the criterion for tightening policy. Mario Draghi is likely to be cautious A sustainable correction in inflation is the objective — this means more than just reaching the inflation target for one

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Dérig Abdulla Falah Abdulla Al Dosari Bharat Doshi Brady W. Dougan Trevor Richard Dougherty Nigel Doughty Arif Dowla William Downe John Doyle Mario Draghi Margo Drakos Jeffrey M. Drazen David C. Drummond Jamie C. Drummond Nadine Drutman John P. Drzik Jeffrey Dubin Pierre Duhaime Willem van Duin Mike