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ECB meeting: new president, new tone, new strategy (eventually)
President Lagarde delivered her first press conference today, which brought no major surprise in terms of policy announcements, though a different style of communication was apparent . Mrs Lagarde made clear that the s trateg y review will occupy the ECB for most of next year and will include a re-assessment of all dimensions of monetary policy, including its inflation target. Until the review has been concluded, however, the current inflation target will be respected. All this argues for a n unchanged policy stance for the time being, unless a significant change in the macro-environment were to force the ECB’s hands.
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Dirk Schumacher
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