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...
In Europe, Central Banking Is Different
NYT, March 6, 2008