The euro zone is having quite a year. The euro has gained about 14% against the US dollar so far in 2017, and is up against a wide range of other currencies, too. The euro zone’s economy is exceeding expectations and data today showed GDP rose 2.3% in the second quarter from a year earlier, slightly higher than in the US, when measured in the same way.
Sounds great, right?
Not for the European Central Bank.
After years of aggressive monetary stimulus to revive the euro zone’s economy,...