For many people, the language of European Central Bank policymakers is so impene...
FRANKFURT/RIYADH - For many people, the language of European Central Bank policymakers is so impenetrable, it could be beamed from another planet.
The series of events, called “ECB Listens” after a similar initiative by the Federal Reserve, illustrates a marked change in style under new President Christine Lagarde, a former politician with a penchant for public relations. The change of tack could also be an indication of the quandary the euro zone’s central bank finds itself over the adequacy of the inflation data used to justify trillions of euros worth of monetary stimulus to support Europe’s economy.
This would dash the hopes of some policymakers, including Slovak central bank governor Peter Kazimir, who have said they would like to see the ECB’s revised inflation target published early, in time for its annual forum in Sintra, Portugal starting on June 29. The sources themselves were unanimous in believing input from the public was unlikely to sway deliberations on how to reset the ECB’s definition of price stability, currently worded as an inflation rate “below, but close to 2%”.
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