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Opinion
Marcus Ashworth

ECB Takes a First Step to Admitting Its Mistake

Officials have growing concerns on the economy. That their stimulus came so soon after QE ended suggests some issues with decision making. 

This isn’t quite the market reaction we were looking for.

This isn’t quite the market reaction we were looking for.

Photographer: Jasper Juinen/Bloomberg

The European Central Bank is beginning the process of admitting it made a policy mistake. It looks like we get one for each governor

Officials rightly acted swiftly to add more stimulus to the worsening euro zone economy on Thursday. Pushing out rate guidance and restarting TLTROs were all welcome moves now that the idiosyncratic risks to growth are morphing into widespread damage.