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ECB Unity on Policy Path Is Fraying as Recession Danger Mounts

  • Consensus shows cracks as doves worry about hiking too far
  • Opinions on treating long-term loans, bond holdings diverge
Christine Lagarde

Christine Lagarde

Photographer: Ting Shen/Bloomberg

The European Central Bank’s unity over the size of monetary-policy moves risks unraveling in coming months as officials diverge on the pain they reckon the economy can handle in the depths of the energy crisis.

With a window for public comments before the Oct. 27 decision about to close on Wednesday, the sum of multiple remarks in Washington in recent days by a spectrum of Governing-Council members point to underlying discord that is likely to become more pronounced as the year draws to a close.