Mario Draghi will leave a more united euro zone when he steps down as president ...
FRANKFURT - Mario Draghi will leave a more united euro zone when he steps down as president of the European Central Bank this week, but he hands over a body more publicly divided than ever on how best to resurrect an ailing regional economy.
More than a dozen current and former ECB policymakers who spoke to Reuters all agreed that Draghi is a superb central banker who deserves credit for swift action during the euro crisis of 2012, when he single-handedly saved the currency by quashing speculation against the bloc’s most heavily indebted countries.
Assuring investors that the bank’s policies would remain consistent would provide markets with a degree of certainty, they added. The most dramatic public schism occurred last month, when the ECB agreed to resume government bond purchases in an effort to kickstart fading economic growth and nudge up inflation to its target of just below 2%.
Market-based interest rates have actually risen since the bank’s rate cut in September, as some investors now doubt the bank’s readiness to stick to its plan and cut rates further if necessary. “So, essentially, you have a meeting before the meeting,” said Wunsch, who supported the September stimulus package.
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