The Bundesbank should not exert its new clout too zealously THE European Central Bank (ecb) decided a year ago to hold this week's monetary-policy meeting in Barcelona, but the timing turned out to be perfect. Spain is in the crosshairs of the markets, not least because of budgetary overruns by regional governments such as Catalonia's. And the contrasting economic fortunes of beaten-up Spain, where the jobless rate has reached 24%, and resilient Germany, where it is below 6%, exemplify the difficulty of finding the right monetary policy in a currency union of 17 members.
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