Lagarde reveals her broad ECB review and her ‘owlish’ stance

European Central Bank president Christine Lagarde. Picture: REUTERS/JOSHUA ROBERTS

The European Central Bank has kept rates unchanged following new president Christine Lagarde's first monetary policy meeting. Business Day TV spoke to Claus Vistesen from Pantheon Macroeconomics about the decision. She went on to announce that a planned review of how the ECB does business will aim to be finished by the end of 2020 and draw from a wide range of voices, including those from civil society and academia.

Lagarde confirmed that the review will weigh fundamental issues, including how technology and climate change affect policy, as well as addressing inequalities that she said “are certainly rising” in developed economies.Financial analysts see the ECB on hold throughout 2020, a view that was strengthened by the Fed signalling on Wednesday that it is unlikely to touch US interest rates in 2020.

Lagarde also unveiled slightly tweaked economic projections for the eurozone, with growth in 2020 revised down to 1.1% from an earlier forecast of 1.2%, while inflation in the same year was put at 1.1%, still well below the ECB’s target of almost 2%.

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