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A fundamental shift in the ECB’s communication


The essential

With the rise in inflation in recent months and the improvement of the economic environment, it has become more difficult for the ECB to justify its ultra-accommodative monetary policy. The ECB is facing mounting pressure.


But in reality, the ECB’s communication has already shifted considerably, particularly with respect to its risk outlook. That said, even though the sense of urgency may have dissipated (the Governing Council has dropped references to expanding the arsenal of monetary policy measures), the ECB is now pursuing a “risk management” approach, meaning it is not quite ready to give up its current policy tools. The ECB is now linking its policy much more explicitly to underlying inflation, marking a certain “normalisation” of its communication stance.


April 2017


Avril 2017


The Article


DRUT Bastien , Fixed Income and FX Strategy
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A fundamental shift in the ECB’s communication
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