Spain might be an example we should be looking at, as their inflation has fallen below 2%. How did they achieve this compared with the UK or Australia?
Simply put they went beyond the simplistic interest rate lever, and used effective fiscal measures as well.
So today we look at lessons we can learn from Spain, and suggest there is indeed an alternative path, but one which requires a different linkage between monetary (interest rates) and fiscal (taxes and spending).
And, don’t forget, Central Banks created the inflation monster in the first place!
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