In parts of the German media, with the support of a number of German economists, the ECB's low nominal interest rate policy is criticised as unnecessary, ineffective and as expropriating the German saver. This paper provides a review of the relevant arguments. It is recalled that returns on...

The Persian connection, 1801-1828 -- The summons to play, 1828-1830 -- A mirage in Central Asia, 1830-1833 -- The road to Bokhara, 1833-1834 -- The great concession at Baghdad, 1828-1832 -- The end of the Persian connection, 1828-1832 -- The eastern crisis, 1832-1833 -- Towards the Euphrates...