Publication

This paper discusses Germany's concerns about the European Central Bank's (ECB) monetary policy, including the bank's decision to cut interest rates in June 2014. The author suggests that Germany is concerned that the cut might discourage people from saving and lead them to invest, possibly leading to an economic bubble. He also suggests that the move could reduce enthusiasm for economic reforms in the eurozone and pose problems for the future management of inflation. Finally, he points out that the ECB's move could decrease support for Germany's macroeconomic policies in the eurozone and considers what this could mean for Poland.