Central Banks
Turmoil Means ECB Finally Sets Rates One Meeting at a Time
- ‘Meeting-by-meeting’ approach is now implicit mantra
- Tensions over such messaging had recently burst into the open
Christine Lagarde
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
It took an outbreak of global financial turmoil for the European Central Bank to finally embrace the “meeting-by-meeting” approach it has claimed to have been following for months.
Officials conspicuously dropped those words from their statement on Thursday, after delivering a half-point increase in interest rates that they flagged at their last gathering six weeks ago and hinted at even before that.