Christine Lagarde struck an upbeat tone on the economy in her first news conference as head of the European Central Bank and promised a new style of leadership
The planned review of how the ECB does business would start in January and aim to conclude by the end of the year, drawing from a wide range of voices, including those from civil society and academia.
While the ECB’s own review will also center on the definition of the target, Lagarde said it would also weigh fundamental issues including how technology and climate change affect policy, and how to address rising inequalities in developed economies. To take pressure off the bank, some have argued for more flexibility around the target, giving the ECB leeway since it has already exhausted conventional policy instruments and relies of untested tools such as bond purchases and ultra cheap loans to banks.Financial analysts see the ECB on hold throughout next year, a view that was strengthened by the Fed signaling on Wednesday that it was unlikely to touch U.S. interest rates in 2020.
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