Wednesday, 21 May 2008

Wolgang Franz : ECB Rate Should Go UP


"'I would recommend that the ECB keep rates constant until there is clear evidence the financial crisis is over,' Wolfgang Franz, one of five advisers to the German government and head of the ZEW Center for European Economic Research, told reporters in Mannheim today. 'Then the ECB might need to raise rates to take care of inflation.'"

Oil is up, the hump that the ECB forecasted seem to be more severe. indeed, remember that inflation is calculated on year on year basis, so if oil price next year is at 126 dollar as it is today, then oil inflation is ZERO. That the magic of statistics, but in the meantime your salary has not followed through...

Now we start to see evidence that industries are passing those high commodity cost to the consumers- witnessed in the U.S and German Producer Price data. Now for the ECB it's all right as long as the consumer doesn't ask for higher wages because then you will have a spiraling inflation as witnessed in the 70's or late 80's (the unfamous "second round effect")

And that's the reason why the german are asking for higher interest rates. They don't have a housing bubble as most european country do. They are very competitif in term of innovation, productivity. The high euro against the dollar seems not to be hurting their performance.

So higher interest might be on the card if the global economy doesn't slowdown sharply or go into a recession next year otherwise there is no way to bring the oil and commodity down ...

144 comments:

Anonymous said...

buy cheap soma vampire weekend soma san diego - some discount code

Anonymous said...

tramadol without prescription tramadol hcl price - tramadol online with mastercard

Anonymous said...

buy viagra is it dangerous to buy viagra online - viagra online discreet

Anonymous said...

how to buy viagra online viagra 25mg - buy viagra online prescription

Anonymous said...

order soma where to buy soma seeds - soma quill-inator

Anonymous said...

buy viagra without rx buy viagra gel - buy viagra online $0.54 per dose

Anonymous said...

buy viagra online generic for viagra 2011 - is the viagra online from canada safe

Anonymous said...

buy viagra los angeles does viagra work for paraplegics - buy viagra no prescription uk

Anonymous said...

viagra price viagra xanax drug interactions - viagra for women where to buy

Anonymous said...

cialis online cialis interactions - cialis online forum

Anonymous said...

buy generic viagra cheap buy cheap generic viagra online - viagra reaction time

Anonymous said...

buy soma 350mg soma drug website - soma pills weed

Anonymous said...

buy cialis usa cialis online no rx - cialis daily prostate

Anonymous said...

buy tramadol with mastercard tramadol addiction gaza - buy generic tramadol

Anonymous said...

viagra drug where to buy viagra online yahoo - generic viagra rite aid

Anonymous said...

buy soma buy soma online with mastercard - soma definition

Anonymous said...

buy generic cialis cialis online is it legal - illegal to buy cialis online

Anonymous said...

tramadol online where to buy tramadol over the counter - buy generic tramadol online

Anonymous said...

viagra online buy viagra online from india - how to buy viagra in usa

Anonymous said...

cheap tramadol no prescription tramadol 50 mg prospect - tramadol hcl indications

Anonymous said...

how to buy viagra online buy viagra no prescription usa - viagra dosage and usage

Anonymous said...

buy tramadol hcl tramadol 100 mg /ml - tramadol hcl vs tramadol

Anonymous said...

buy viagra online generic viagra made in india - buy viagra online fast delivery

Anonymous said...

cheap viagra where to buy viagra - generic viagra that is reliable

Anonymous said...

buy viagra locally buying viagra in canada is it legal - viagra experiences

Anonymous said...

soma price soma health club - soma muscle relaxer fibromyalgia

Anonymous said...

cialis online where to buy cialis no prescription - cialis coupon printable

Anonymous said...

buy tramadol online cod tramadol withdrawal restless legs - buy tramadol online no prescription cod

Anonymous said...

buy viagra sample viagra online prescription uk - buy viagra cheap online no prescription

Anonymous said...

buy viagra online buy viagra online one day shipping - order real viagra

Anonymous said...

sildenafil 100mg buy viagra online los angeles - order viagra

Anonymous said...

cialis pharmacy cialis kosher for passover - cialis 10mg online

Anonymous said...

soma pain drug interactions soma suboxone - generic drug for soma

Anonymous said...

buy viagra using paypal does viagra work for paraplegics - viagra buy manchester

Anonymous said...

order herbal viagra cialis equivalent dosage viagra - buy viagra online now

Anonymous said...

cialis online xlpharmacy generic cialis - препарат cialis

Anonymous said...

cheap tramadol no prescription buy ultram tramadol online - if you overdose tramadol

Anonymous said...

buy viagra in usa viagra mg - drug like viagra for women

Anonymous said...

buy tramadol overnight cod dosage of tramadol for dogs - buy tramadol in the usa

Anonymous said...

buy viagra order viagra online from canada - buy cheap viagra online with prescription

Anonymous said...

buy cheap viagra online viagra canadian pharmacy online - viagra for women flibanserin

Anonymous said...

viagra price viagra online cheapest - viagra dosage time

Anonymous said...

buy viagra online generic viagra vs real viagra - cheap herbal viagra

Anonymous said...

buy viagra generic online purchase viagra no prescription - viagra over the counter walgreens

Anonymous said...

soma no prescription discount for soma - soma buy online

Anonymous said...

order cialis from canada buy cialis cheap us pharmacy - cialis best price

Anonymous said...

buy viagra buy generic viagra 50mg - buy viagra 100mg uk

Anonymous said...

buy tramadol ultram buy ultram tramadol online - where to buy tramadol forum

Anonymous said...

buy tramadol online tramadol 50 mg - tramadol overdose symptoms

Anonymous said...

cialis online cialis liver - get cialis online pharmacy

Anonymous said...

order viagra professional viagra online legal - generic viagra cialis or levitra online

Anonymous said...

buy viagra online buy viagra generic online - buy viagra uk sites

Anonymous said...

buying viagra generic viagra online canada - viagra questions and answers

Anonymous said...

generic sildenafil buy viagra online perscription - viagra online real fake

Anonymous said...

cialis online order viagra cialis online - cialis online test

Anonymous said...

buy tramadol cheap tramadol dosage dogs pain - can you order tramadol online

Anonymous said...

buy generic tramadol order tramadol online reviews - buy tramadol no prescription free shipping

Anonymous said...

buy viagra 100mg tosh.0 viagra gay challenge - viagra online yahoo

Anonymous said...

viagra sildenafil viagra dosage for pulmonary hypertension - real viagra online canadian pharmacy

Anonymous said...

buy tramadol cod online tramadol next day - tramadol for dogs by weight

Anonymous said...

buying viagra how to purchase viagra in australia - buy viagra online canadian pharmacy

Anonymous said...

order viagra generic viagra online legal - viagra discount card

Anonymous said...

buy cheap cialis online no prescription cialis liver - get cialis online pharmacy

Anonymous said...

buy tramadol online order tramadol no prescription - ultram side effects in dogs

Anonymous said...

tramadol online buy cheap tramadol overnight - best site buy tramadol

Anonymous said...

how to buy cialis cialis reviews 5mg - generic cialis available

Anonymous said...

buy tramadol cheap tramadol hcl 50 mg abuse - tramadol ratiopharm 100 mg bei kopfschmerzen

Anonymous said...

buy viagra viagra pfizer - legal buy viagra online canada

Anonymous said...

buy tramadol online tramadol 100 mg withdrawal - tramadol youtube

Anonymous said...

buy cheap generic viagra online viagra 300mg - safe buy viagra online forum

Anonymous said...

buy viagra online no rx generic viagra 50mg - viagra online without

Anonymous said...

cheap generic cialis should you buy cialis online - side effects cialis daily

Anonymous said...

buy tramadol online tramadol is the generic of what - tramadol withdrawal muscle spasms

Anonymous said...

buy tramadol online no prescription cod tramadol qt interval - tramadol zolpidem interaction

Anonymous said...

generic cialis no prescription order cialis with prescription - certified online pharmacy cialis

Anonymous said...

tramadol 100mg buy tramadol online yahoo - tramadol narcotic

Anonymous said...

buy tramadol online buy tramadol lowest price - order tramadol legally

Anonymous said...

viagra online generic viagra soft tabs 50mg - where is the cheapest place to buy generic viagra

Anonymous said...

buy tramadol 180 tramadol high similar - can you overdose tramadol 50mg

Anonymous said...

tramadol 50mg can i buy tramadol online legally - buy tramadol online mastercard

Anonymous said...

buy tramadol online tramadol order online no prescription - has bought tramadol online

Anonymous said...

buy tramadol online buy tramadol cod delivery - buy tramadol with american express

Anonymous said...

order tramadol no prescription tramadol no prescription usa - long does 50mg tramadol take work

Anonymous said...

tramadol 50mg 100 mg tramadol online - cheap tramadol usa

Anonymous said...

buy tramadol no prescription tramadol online bluelight - tramadol legal to order online

Anonymous said...

buy generic tramadol online tramadol 50mg how many - tramadol hcl with tylenol

Anonymous said...

buy tramadol online best place buy tramadol - side effects for tramadol for dogs

Anonymous said...

buy tramadol online buy tramadol online by cod - buyers of tramadol

Anonymous said...

buy tramadol online tramadol online for cheap - order tramadol from usa

Anonymous said...

buy tramadol no prescription tramadol veterinary - buy tramadol capsules

Anonymous said...

buy tramadol order tramadol with no prescription - tramadol ultram

Anonymous said...

buy tramadol overnight tramadol overdose alcohol - street value of tramadol 50mg

Anonymous said...

tramadol 50mg where to buy tramadol for dogs - who makes generic tramadol

Anonymous said...

buy tramadol overnight delivery 100mg tramadol lot - buy tramadol overnight

Anonymous said...

tramadol 50mg using tramadol withdrawal opiates - buy tramadol online 100mg

Anonymous said...

buy tramadol order tramadol no prescription - tramadol order online tramadol 50mg

Anonymous said...

tramadol 50mg can you buy tramadol online - tramadol 650 dosage

Anonymous said...

tramadol online tramadol dosage 500mg - tramadol generic ultram

Anonymous said...

cheap tramadol how get high tramadol - best place order tramadol online

Anonymous said...

tramadol 50 mg tramadol for dogs kidney failure - tramadol ultram schedule

Anonymous said...

buy tramadol online tramadol acetaminophen high - tramadol online pharmacy no prescription needed

Anonymous said...

tramadol online order tramadol overnight shipping - tramadol overdose signs

Anonymous said...

tramadol 50mg tramadol 50 mg to get high - tramadol dosage and frequency

Anonymous said...

buy tramadol tramadol 50mg get you high - tramadol classification

Anonymous said...

tramadol online tramadol hcl mg - tramadol dosage kids

Anonymous said...

buy tramadol no prescription zydol tramadol dosage - cheap tramadol no prescription needed

Anonymous said...

tramadol 50 mg tramadol for anxiety - tramadol high tolerance

Anonymous said...

buy tramadol buy tramadol with cod - buy tramadol 50mg online

Anonymous said...

buy tramadol no rx buy tramadol hcl 50mg - buy tramadol online visa

Anonymous said...

tramadol online lowest dosage tramadol - tramadol online no prescription needed

Anonymous said...

tramadol 50mg buy tramadol in missouri - buy tramadol online australia no prescription

Anonymous said...

tramadol 50 mg tramadol medication no prescription - tramadol online pharmacy usa

Anonymous said...

buy tramadol no prescription tramadol hcl 50 mg 627 - tramadol withdrawal percocet

Anonymous said...

cheap tramadol buy tramadol medication - buy tramadol online no prescription next day delivery

Anonymous said...

buy tramadol for dogs side effects of ultram tramadol - tramadol 50mg how many can i take

Anonymous said...

tramadol 50mg can you overdose tramadol - pet meds tramadol 50mg

Anonymous said...

tramadol 50 mg tramadol dose - buy tramadol online without prescriptions

Anonymous said...

buy viagra online buy viagra online low price - buy pink viagra for women

Anonymous said...

buy tramadol online buy 200 mg tramadol - can tramadol withdrawal kill you

Anonymous said...

buy tramadol cod tramadol for anxiety - tramadol withdrawal in pregnancy

Anonymous said...

tramadol 50mg effects of tramadol addiction - zydol 50 mg tramadol hydrochloride

Anonymous said...

tramadol 50 mg tramadol 50 mg veterinary use - tramadol 617

Anonymous said...

buy tramadol online tramadol hcl taken with tylenol - buy tramadol online no prescription mastercard

Anonymous said...

generic tramadol tramadol 50 high - tramadol for dogs with cancer

Anonymous said...

buy tramadol buy tramadol prescription - tramadol hcl 50mg buy

Anonymous said...

tramadol 50 mg generic tramadol 100mg - tramadol 50 mg every 4 hours

Anonymous said...

buy tramadol buy tramadol online no prescription overnight - tramadol hcl 100mg er

Anonymous said...

order tramadol online overnight tramadol hcl max dosage - tramadol for dogs without rx

Anonymous said...

tramadol 50mg what is tramadol dosage - order tramadol online from usa

Anonymous said...

buy tramadol no prescription tramadol overdose treatment - tramadol hydrochloride 100 mg

Anonymous said...

tramadol 50 mg get rid tramadol addiction - usa online pharmacy tramadol

Anonymous said...

tramadol 50 mg cheap tramadol usa - buy tramadol online overnight fedex

Anonymous said...

buy tramadol can take 2 tramadol 50mg - tramadol good

Anonymous said...

buy tramadol tramadol 50mg hcl tablets - buy tramadol no prescription free shipping

Anonymous said...

order tramadol online tramadol information - tramadol hydrochloride 100mg used

Anonymous said...

buy tramadol overnight delivery tramadol withdrawal symptoms nausea - buy tramadol online no rx

Anonymous said...

buy tramadol online tramadol vicodin high - buy tramadol online tennessee

Anonymous said...

tramadol 50mg order tramadol no prescription cheap - tramadol for opiate addiction

Anonymous said...

tramadol no prescription where should i buy tramadol from online - order tramadol online cod

Anonymous said...

Creating a sealeԁ caѕе of ambienсe with candlеѕ, colorѕ, incеnse or euphony iѕ for lymph dгainage can aіd pre- аnԁ post-оperative wеather condition аnd can гegular asѕiѕt in the process οf heаling.

I can't say that any one of though, shiatsu Tantric Massage therapy is applied merely with the hands. Inhale and exhale treatment is what makes it so democratic to our couples."

my web blog sensual massage in london

Anonymous said...

It is possible to count on after you pick them for providers within
your new jersey personal injury lawyer costs scenario.

Anonymous said...



Check out my blog post ... website

Anonymous said...

Your write-up feаturеs established benеficіal to myself.
It’s quіte eԁucatiοnal anԁ yοu're simply naturally really well-informed in this area. You get popped my eye for you to various views on this subject matter with intriquing, notable and reliable articles.

My web-site: buy viagra

Anonymous said...

Winners Cost of Doing cosmetic surgery seo, the customers are sparse the morning I visit.

It began on Twitter, Facebook, Twitter, Linked In, Twitter and Google+ provide endless opportunities for entrepreneurs
and executives alike.

Here is my web site :: plastic surgeon seo