Which European country has the most ferocious house-price inflation? You may think it was the UK, wh...
Which European country has the most ferocious house-price inflation? You may think it was the UK, where the Bank of England has been raising interest rates in a bid to tame the housing market. Not so: the three hottest property markets in Europe recently have been France, Spain and Ireland. That poses an acute policy dilemma for the guardians of monetary policy at the ECB, which sets interest rates for the 12 countries that share the euro. Asset-price bubbles are appearing in some countries, yet not in others. Monetary policy that is appropriate for one country is wrong for another. Prope...
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