The ECB Needs the Fed Now More Than Ever
November 15, 2011 at 06:15 AM EST
And it is not because the ECB needs more currency swaps. It is because the ECB needs the Fed for cover. Here is why. The Fed is a monetary superpower. It manages the world’s main reserve currency and many emerging markets are formally or informally pegged to dollar. As a result, its monetary policy gets [...]