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The ECB’s online game: Being Mario Draghi

UK Only Article:  standard article Issue:  Could Asia really go to war over these? Fly Title:  The ECB’s online game Rubric:  A game to educate Europeans about monetary policy skips some detail THE life of a European central banker was far simpler in the early days of the euro zone than it is now. “€conomia”, an interactive game on the website of the European Central Bank (ECB), harks back to these gentler times. It is designed to explain, “in a simplified way, how monetary policy works”, and allows players to pretend that they are Mario Draghi, the ECB’s president. The instructions have a clarity that induces nostalgia: “Keep the inflation rate just under 2% and stable. Raise the interest rate to push inflation down. Lower the interest rate to push inflation up.” Players are told the growth rate of real GDP, the inflation rate, the growth in the money supply and the level of joblessness. Extra guidance is provided by a ragtag group of advisers, including a hippy, a narcoleptic and a gambler—which may be how Bundesbank officials now view their euro-zone ...