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Thursday's chart porn is off of the most interesting article I read in Thursday's NYTimes: In Europe, Central Banking Is Different.

Note that Central Banks in Europe left rates unchanged Thursday.

The full article describes how the ECB focuses on reducing inflation. However, there is a laundry list of factors the ECB pretty much ignores:

-Eliminating the normal business cycle;

-Preventing a recession regardless of costs;

-Allowing the currency to be debased.

Further, the ECB doesn't seem to care where their equity markets are.

Two Different Approaches to Central Banking

The entire article is fascinating...

Source:
In Europe, Central Banking Is Different
CARTER DOUGHERTY
NYT, March 6, 2008