The President of the European Central Bank is back again at the centre of a new controversy about monetary policy in the euro zone.

The latest data about the economic and financial outturn of the zone is still worrying. The inflation level required to boost investment is still far off. Economic growth remains fragile: it relies too heavily on growth in exports of goods and services, stimulated by the depreciation of the euro on international currency markets.

This resulted from the so-called quantitative easing programme launched by the ECB board some months ago. The Bank started a monthly purchase from secondary markets of government bonds to the tune of 60 billion euros. Effectively in this way, it pumped the same amount of money in “cash” into euro economies, which was supposed to trigger an increase in prices.

Results on this score have been disappointing. What can be done? In Malta, Draghi promised to do all that needed to be done to achieve the bank’s targets. However, the range of effective tools at his disposal is limited.

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KM

Some of the rapid changes taking place in air transport simplify matters, others leave one confused. As I am realising, having become a frequent user of airports, sometimes they do both. That’s what happened recently with a relatively new facility provided by Air Malta, a company which rarely fails to provide impeccable service.

Air companies have made it possible via the internet to prepare and print your own boarding pass, which is convenient. From Malta to Brussels this can be done with Air Malta, but not in the reverse direction. I was told that the reason for this is that the software required to run such a system is still being put in place.

However if your trip back to Malta from Brussels is part of a longer itinerary starting with another air company, say Brussels Airlines flying from Strasbourg to Brussels, and then from there to Malta, there’s no problem. Brussels Airlines supply you via internet with a boarding pass on to Malta.

Weird is the word for it.

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Elections in Spain

The Spanish elections during Christmas week hold the promise of a tight political drama. Usually elections there have followed the model of a two way race between the Popular and the Socialist parties, with their approval ratings oscillating around practically equivalent levels.

This time, two brand new parties have burst on stage in a big way. They emerged from the upsurge of protest in Spain against the austerity policies implemented by the governing Popular Party, led by Prime Minister Mariano Rajoy. The Citiżens’ Party is now running neck and neck with the two “big” parties. The left wing Podemos has fallen back but its backers still stand at two thirds of the voting levels claimed for the three “big” parties.

The El Pais newspaper organised the first ever debate in Spain between party leaders which it relayed over the internet. Rajoy refused to participate. The other three leaders gave a very good show.

It reinforced the belief that the new kids on the block can offer alternative policies and will be in a position to secure wide voter support.