The ECB should focus on the long term effectiveness of its monetary policy stance
The European Central Bank’s governing council is meeting this Thursday to decide on the projected path of euro zone monetary policy, and market expectations are once again high, as macroeconomic analysts are almost unanimously anticipating policy action. This is certainly not surprising, as ECB president, Mario Draghi, used extensive forward guidance to signal that the monetary policy stance would be reviewed and possibly reconsidered during the upcoming meeting.
The governing council once again finds itself at an important intersection, as it needs to weigh three opposing forces; the short-term and frequently myopic nature of financial markets, the impact of monetary policy divergence between major central banks, as well as the ‘real’ effectiveness of its monetary policy stance and its probability of success irrespective of the element of time.Â
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