Opinion: Central banks are overly worried the reflation trade will fizzle

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Spare a thought for Mario Draghi.
Last Thursday, the president of the European Central Bank (ECB) warned that it would be a mistake to start discussing scaling back, or “tapering”, the central bank’s aggressive programme of quantitative easing (QE) even though the eurozone economy is now expanding at its fastest pace in six years.
Draghi, who faces mounting pressure from the “hawks” on the ECB’s governing council, led by Germany, to start winding down QE,…

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