Fed bank urges ECB quantitative easing to boost economy

The Federal Reserve Bank of Richmond has released a paper criticizing efforts by the European Central Bank. "The ECB lacks a coherent strategy for creating the monetary base required to sustain the money creation necessary for a growing economy," according to the paper by Robert Hetzel, senior economist at the Richmond Fed. The paper calls on the ECB to buy "packages of government debt" and "bundles" of small-business loans.

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