Marcus Ashworth, Columnist

Draghi Needs a Pre-Beach Communications Cleanup

The ECB’s message has got unstuck, and investors are paying for it.

July 25, 2018 at 10:43 AM UTC

Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. Previously, he was chief markets strategist for Haitong Securities in London.

Let’s hope Draghi helps the market to relax this summer.
Photographer: Alex Kraus/Bloomberg

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European Central Bank President Mario Draghi has a bit of clearing up to do before disappearing for the summer. There are some loose ends left over from the ECB’s June 14 decision to bring QE to a halt.

Unusually for the ECB, its communications have become a little scrambled both on forward rate guidance and on how it intends to reinvest maturing bonds to maintain its stock of securities. He really ought to use Thursday’s press conference after the policy decision to shed a bit more light on how the Governing Council will shift to the post-QE environment — or at least put a timetable on when decisions will be made.