The European Central Bank is focused on keeping inflation in check as Europe struggles with debt woes and other issues. Some economists, however, said deflation could be the bigger issue. The central bank's effort to to keep inflation at bay after it bought government bonds is fueling criticism. "It's nuts: How can they be concerned about the inflationary impact of this?" said Carl B. Weinberg, chief economist of High Frequency Economics. "If I were the head of the ECB, I would be printing money to avert the decline in the money supply."

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