A spat is developing at the European Central Bank about how — and how soon — the institution should signal its intention to scale back its monetary stimulus program. Data buried in the central bank’s most recent survey of companies suggests a rebound in inflation may inflame the debate sooner rather than later. Peter Praet, the bank’s chief economist, said …

President Donald Trump’s first budget is truly remarkable in its unseriousness. To see why, try for a moment to take it seriously. The plan purports to be fiscally responsible, saying that the national debt will fall from 77 percent now to 60 percent in 2027. A worthy goal, to be sure. At the same time, it calls for tax cuts …

Talk to critics of the European Central Bank’s ultra-loose monetary policy and a common theme emerges: concern about financial stability. Quantitative easing is seen as creating dangerous asset bubbles. Negative interest rates are said to hurt bank profitability, making the financial system more vulnerable to shocks. These concerns are widely misplaced. In fact, the real worry should be the risks …