I saw this graphic referenced on Twitter.
Just incredible to see that five years into the Eurozone “recover” Italy is not only below its pre-crisis peak, its below its post crisis trough. Even more amazing to see how the ECB’s rate rise in 2011 choked off the nascent Italian recovery.
There is an ECB rate meeting today, since the last one inflation has fallen to just 0.4%, and inflation expectations have also fallen. I wonder what excuse Draghi will come up with this time to not announce QE.