The economic world is deeply divided over whether or not we are facing a new recession. And some people are putting forward sufficiently solid arguments which easily eliminate any doubts on the subject. Although there is data to support the doubts existing in both the US and Europe, it’s also true that there are solid economic fundamentals which defend the thesis that a recession doesn’t seem to be imminent.
It is worth reading the article by Wolfgang Munchau in which he analyses the minutes of the last ECB Governing Council meeting. In short, Draghi affirms he is prepared to continue to try to drive inflation towards his 2% goal, but the Council members are not so enthusiastic. On the contrary, they put a spoke in his wheel.