Wo ist Goldilocks?

摘要

It was fittingly symbolic. In the same week that America celebrated its longest-ever economic expansion, Europe's single currency slid to a new low of $0.97. On the surface, this shows the wide gap between the two economic blocks. America is enjoying an enviable combination of rapid growth, low unemployment and subdued inflation—the so-called Goldilocks economy. Thanks to the digital revolution, it is argued, this "new" economy can sustain faster inflation-free growth. In contrast, despite high unemployment and sluggish growth, the European Central Bank (ECB) is worried about rising inflation. On February 3rd it unexpectedly raised its key interest rate by a quarter of a point, to 3.25%. This followed a similar rise in dollar interest rates, and reflected the ECB's concern that a weak euro could threaten price stability.