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Mario Draghi stuck pretty much to the script sell-side analysts and buy-side economists had already written for him.
On October 26, he extended the European Central Bank’s bond-buying programme to September 2018 – or perhaps even further – but with net monthly purchases to be cut from $60 billion to $30 billion. There was not even a ghost of a smile when he called this recalibrating instead of tapering.
Operating in full on-the-one-hand up, on-the-other-hand down mode, Draghi expressed confidence that inflation will return to the ECB’s target of just under 2%.
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