By focusing narrowly on inflation, the ECB made Europe lose twice: both the lost investment that lower interest rates might have prompted, and the loss of exports and increase in imports that are sure to follow from the Euro's higher exchange rate.
En se contentant de gérer l'inflation, la BCE fit perdre l'Europe sur deux tableaux : la perte des investissements que des taux d'intérêts baissés auraient stimulé et la perte des exportations et l'augmentation des importations qui suivront assurément le fort taux de change de l'euro.