The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

ECB Watch: Farewell to the chief

Otmar Issing has been the most impressive advocate of the ECB. What happens now that the bank has lost its implicit third pillar in monetary policy?

Otmar Issing, the European Central Bank
Issing: faced down criticisms

On May 31, Otmar Issing, the European Central Bank’s first chief economist and the sole remaining founding member of its executive board, left his office in Frankfurt’s Eurotower for the last time. Architect and overseer of the ECB’s monetary policy strategy, he had come to the end of his fixed, non-renewable, eight-year term. A strong proponent of central bank openness and communication, some three weeks earlier Issing had submitted himself for the eighth time to an annual inquisition – unique among central banks – by outside observers: The ECB and its Watchers series of conferences, which he himself had initiated in 1979. All day he listens to and responds to presentations by academic and market economists and by central bankers from outside the euro zone, who challenge and probe aspects of the ECB’s monetary policy performance and its twin-pillar strategy – in which analysis of the monetary data is used as a cross-check on its analysis of economic data – and also debate related topics such as the implications of fiscal policy and EU enlargement.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree