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Varoufakis: interest rate rises are the wrong medicine
Original: The interest rate rise is the wrong medicine and an even worse alibi | Yanis Varoufakis
Yanis Varoufakis argues in the Guardian that rising interest rates are the wrong response to inflation and serve as an excuse for governments avoiding real economic reform. Writing ahead of expected rate decisions, he contends that monetary tightening punishes workers and borrowers while failing to address the actual drivers of price rises, and warns that central banks are being used as political cover.
Why now: Central banks are weighing further rate rises amid persistent inflation, keeping the debate over monetary policy heated.
Yanis VaroufakisThe GuardianEuropean Central Bank
Evidence
- The interest rate rise is the wrong medicine and an even worse alibi | Yanis Varoufakis · The Guardian
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