We now have a report that the European Central Bank, the entity that serves in the role held by the Federal Reserve in the Euro Zone, has decided to set aside all inflation concerns for the moment:

The European Central Bank’s main task is to keep inflation down. But over the past month, it has thrown caution to the wind in trying to prevent financial system and integrated economy of Europe from falling apart.

When you consider the fact that the charter of the ECB was only to deal with inflation, because of German experiences with hyperinflation in the 1920s (wheelbarrows of cash for a loaf of bread).

Unlike the Fed, the ECB has no mandate to maintain stable employment….It’s only role is to keep inflation low, and they are freaking out.