European Central Bank head promotes structural, fiscal policies in growth

14 Décembre, 2019, 00:37 | Auteur: Auguste Feret
  • European Central Bank head promotes structural, fiscal policies in growth

But she did signal that the ECB's forthcoming strategic review of its policy framework would be a wide-ranging exercise, in her press conference today (December 12).

"Monetary policy involves a lot of subtle signalling and it remains to be seen if and how Lagarde will be willing to drop policy hints, or use code words to guide markets", said Frederik Ducrozet of Pictet Wealth Management.

The policy review will "turn each and every stone", she said.

The bank's new president said at her first news conference Thursday that she will lead a top to bottom review of how the institution sets monetary policy, looking at everything from how it defines success in fighting inflation to whether it can play a role financing the fight against global warming. We will, therefore, closely monitor inflation developments and the impact of the unfolding monetary policy measures on the economy.

Lagarde said the European Central Bank was seeing "some initial signs of stabilisation in the growth slowdown", despite "persistent global uncertainties". It was the bank's first policy meeting under newly appointed Ms. Lagarde. Lagarde said that package, decided before she took over from Mario Draghi on Nov.1, would continue to support the economy with easier borrowing terms for companies.

"I will have my own style", she told the press, as reported by The New York Times.

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"Once and for all, I'm neither a dove nor a hawk, and my ambition is to be this owl, that is often associated with a little bit of wisdom", said Lagarde.

Lagarde said that risks still remain for the eurozone economy, including geopolitical tensions, trade disputes and volatility in emerging markets, but now they "have become somewhat less pronounced".

Financial analysts see the European Central Bank on hold throughout next year, a view that was strengthened by the Fed signaling on Wednesday that it was unlikely to touch USA interest rates in 2020.

Inflation has averaged just 1.2% thus far in 2019, quite a bit below the bank's target.

"Is it satisfactory? It's certainly directionally good, but is it the aim that we pursue? There is no preconceived landing zone at this point in time", she added of the exercise, which mirrors a similar endeavor under way in the United States.

The bank may consider adjusting its inflation target, changes to the governing council's voting procedure, and whether climate change should be something that factors into its decisions.


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