by Rebecca Wilder The Euro Area Precedent for Policy Failure Last weekend, a leaked Troika report (Troika = ECB + EC + IMF) revealed that European policy makers now comprehend…

…illustrates the nominal stock of loans held on the bank balance sheets of the Monetary Financial Institutions in Europe. The data are from the ECB. Loans to governments and holdings…

…euro area growth had not regained its GDP lost as of Q2 2011. And don’t even get me started on Japan. The ECB is tightening; US Congressional leaders are recklessly…

Rebecca takes note of credit growth in many of the Euro countries and notes indications of continued deteriorating macro economies in Newsneconomics: Today the ECB released details on monetary aggregates…

This week further evidence has emerged of Germany’s slowing growth trajectory. At 4.9% annual growth (calendar-adjusted) and a tightening bias from the ECB, this was, of course, to be expected….

Today Eurostat released April 2011 inflation for the Euro area. Prices are increasing at a 2.8% annual pace, up from 2.7% in March and very much above the ECB’s comfort…

…and France contributed a smaller 50% to total Euro area growth. The Q1 2011 growth trajectory (top chart) is entirely consistent with ECB targeted at the core countries. Rebecca Wilder…

…Without that, it’s ultimately ‘bailout’ or ‘default’, or both. A side note: it would have really helped if the ECB allowed prices in Germany, for example, to overshoot the 2%…

…In contrast, the default of Greece has the potential to do just that in Europe. Update: see David Beckworth’s Macro Market Musings includes Rebecca’s thoughts on ECB In Argentina, the…

A few articles regarding the bond crisis in Ireland: The Irish Mess (IV) ECB buying of Irish bonds ‘vital’ support The world backs away from Ireland, Spain, Portugal In keeping…