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Oversestimating growth, ECB style.

Does the ECB consistently overestimate growth? The following graph, regarding official euro area growth projections by ECB staff on 2012 growth since December 2010 seems to confirm that.

Reasons? A bad model of the economy within ECB headquarters? Severe unexpected shocks? Overly restrictive monetary policy driven by fixation with 2% inflation (because indeed inflationary mistakes over 2012 have been lower, see chart below)?  Disinformation to avoid sound keynesian fiscal policies? I leave that up to you.

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