Sunday December 15, 2019

New ECB presidency must mean a fresh approach to inflation

The European Central Bank should pay mind to the Banks of New Zealand and Canada, whose strategies on inflation offer greater flexibility, writes Michael Heise

7th July, 2019
Work already piling up for Christine Lagarde. Picture: Getty

The imminent arrival of Christine Lagarde as president of the European Central Bank represents an opportunity – if not an obligation – to review the bank’s policy framework. The ECB can take credit for major achievements during Mario Draghi’s presidency – most importantly, stabilising the eurozone during the 2007-08 global financial crisis and ending speculation about the possible break-up of the single currency during the sovereign debt crisis in 2012. But the ECB’s strategy of...

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