April 28, 2025
It was March 2015 when Otmar Issing, an early board member of the ECB and the bank’s former chief economist, poured me a cup of coffee. Like two war veterans, we sat on the 60th floor of the Messeturm in Frankfurt, gazing out at the smoke plumes marring the city’s skyline. Issing had seen something like it before—just as I had.
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