The European Central Bank (ECB) has once again left a bad taste in many people’s mouths with a publication for Valentine’s Day, a harmless message has arrived at an inappropriate time. Many upset readers, some of them Bitcoiners, made the publication the subject of prominence and criticized the apparent cynicism of the message.
The European Central Bank (ECB) has once again left a bad taste in many people’s mouths. This time it’s a publication made for Valentine’s Day. “Roses are red, violets are blue. We will stay the course and return inflation to two.”
With the above-quoted words, the monetary institution strayed a bit from the formal context and led to a series of reactions and diatribes on Twitter. There is no doubt that if anything can be recognized about the ECB it is its ability to say the same thing in different ways, in different settings, and in all contexts, even on Valentine’s Day, while still generating strong reactions among most of its audience.
The message refers to a continuous restriction of economic growth until the inflation rate drops to 2%.
A “Harmless” Joke in a Sensitive Context
An apparently innocuous message has arrived at an inappropriate moment: in full swing of the Euribor, which already exceeds 3.5% per day, not to mention the persistent rise in prices, which seems to reflect the relative inefficiency of monetary policy in most sectors of the European economy. The ECB’s monetary policy has led to reduced investment opportunities in the economy, thus hitting growth prospects.
The agency’s decision to increase the price of money to try to contain the rise in prices, as well as to try to return to the objective goal of 2% inflation, has put many households in trouble. Unable to foresee an energy crisis like the one that has been unleashed by the war in Ukraine, they took out mortgages in recent years at variable rates, trusting that rates would remain at record lows.
Criticism Rains Down on the Monetary System and CBDCs
The publication generated discontent among many readers, some of them Bitcoiners, who reacted to the apparent cynicism of the message: “Is this all a joke to you? Do you care at all about the families and family businesses affected by your irresponsible policies?”
There has also been no shortage of those who have joined in on the joke, predicting that the rise in rates will strangle credit to the economy, triggering a recession that will force central banks, ultimately, to retrace the path.
Others returned the joke by criticizing the CBDC project, for which the ECB has high hopes. “Roses are Red, Violets are Blue. Central Bank Digital Currencies are a scam, just reminding you.”
By Audy Castaneda
