monetary policy in europe is completely dependent on that of the united states. the so-called euro-dollar market, i.e. loans that are granted outside the united states in nominated dollars, are currently pretty much the only thing keeping the european union alive. the euro continues to lose importance in the international settlement ranking. If they continue to lower interest rates, and they have to in view of the fact that the self-created zombie economy cannot refinance the high rates, i.e. relatively high rates, in the lending business, then capital will of course be withdrawn from the eurozone even faster than is already the case. what they are doing here is systematically drying up this so-called euro dollar market and thus regaining their own sovereignty over monetary policy.