ECB's Constancio Says the Old Normal Is Gone for Central Bankers
Vitor Constancio, vice president of the European Central Bank (ECB), looks on during a news conference following the bank's interest rate decision at the ECB headquarters in Frankfurt, Germany, on Thursday, April 26, 2018.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Vitor Constancio has a message for his successors at the European Central Bank: their job will look very different from his.
The vice president, whose term ends this month, set out his thoughts for the future of monetary policy in a speech in Malta on Friday. In a nutshell: The emergency measures deployed during the crisis are here to stay, and a return to the “old normal” is effectively impossible.