Article: In the battle for ECB's virtue, how will Ireland fare in a recession?

Facing inflation and slow growth, ECB has tough choices to make...

THESE days, it is as hard for a central bank to keep its reputation intact as a Victorian lady captured by pirates. First the Bank of England was sneered at for the Northern Rock run; then the US Federal Reserve was mocked for rescuing anyone with an outstretched bowl. The European Central Bank kept its petticoats tight around it, and was widely praised for its steering of the banking system through the credit crisis.

But then came what the Victorian penny dreadfuls would have called dramatic revelations. The euro zone economy shows every sign of qualifying for the strictest definition of a recession, ...

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