New European Central Bank president Christine Lagarde can expect a grilling at the post-meeting press conference. — Reuters pic
“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.She is also admired as an effective communicator. The timing and scope of the review remain unclear, but it could lead to a major shake-up amid calls for the ECB to rethink its inflation target and take more climate action.In his final act as ECB chief, Draghi in September unveiled fresh stimulus to bolster the 19-nation euro area, which has been weighed down by US-China trade tensions, Brexit uncertainty and a weakening manufacturing sector.
One of Lagarde's first moves upon arriving in Frankfurt was to take the council on a retreat to heal the rift ― and ECB watchers will be keen for an update.The ECB will also unveil its latest growth and inflation projections on Thursday, which for the first time will run through to 2022.
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