Quantitative easing: shortcomings and the heritages of Rhine wave

Starting from an interview by Mario Draghi to the Financial Times, immediately after the first wave of the pandemic, the chapter offers a reading criterion and some food for thought on recent events affecting Europe. The financial aspects are analyzed by taking into account the contributions of Minsky and Toporowski on the endogeneous determinants of financial crises, in light of the huge amount of money injected by central banks (the so-called Quantitave Easing, QE). The aspects related to the real side of the economy are mainly focused on the theme of labour, production… coupled with the implications of supply chain troubles. The financial side and the real side are seen in the light of what we call the “Rhine wave”, a particular condition in which Germany finds itself, as a natural continuation of the role and path that started over 30 years ago that is now in trouble, looking for a new sort of internal and European drift (or drifts). In the last paragraph, some conclusions and suggestions are outlined