Why is it that Remain campaigners are so intent on chaining the UK economy to this flagging Eurozone?
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Last Thursday the European Central Bank (ECB) decided to restart its efforts to stimulate the struggling Eurozone economy in the face of an economic slowdown and the risk of deflation.
The Eurozone inflation rate has dropped from 2.2% last year to 1% in July this year.
To combat this, firstly the ECB has further reduced the bank's deposit rate from minus 0.4% to minus 0.5%.
This means that any banks depositing money into the ECB will be charged more for doing so.
This is to encourage them to invest or lend the money elsewhere, instead.
That banks are still opting to pay to put their - well their depositors - money in the ECB, tells you a lot about the state of the Eurozone economy.
Further, in its press release the ECB said:
"The Governing Council now expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics."
That does not sound like a short term solution to me.
And bear in mind this negative interest rate has been in place and gradually getting lower since it first dropped to minus 0.1% in June 2014.
And secondly the ECB has restarted its asset purchase programme (or APP) at a rate of 20 billion euros a month.
What the bank does is print money,..
