Is there anything the ECB can do to lift the Euro Area out of its low growth, low inflation and low interest rates doldrums? Theoretically: everything; but practically speaking: nothing. Regarding the former: the ECB is fatally limited by the destructive Maastricht treaty that forbids the bank from – under certain conditions – becoming an arm of the treasury, in this case the member states’ Finance Ministries or even the EU Commission. We probably all heard of helicopter money, for example. A more sophisticated way would be for the ECB to cap interest rates in every member state

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