Ferdinando Giugliano, Columnist

The ECB Weighs a Profound Shift in Policy

As candidates jostle to replace Mario Draghi, Olli Rehn has called for a rethink of the bank’s objectives. A hard 2% inflation target would be a start.

May 10, 2019 at 6:00 AM UTC

By Ferdinando Giugliano

Ferdinando Giugliano is a former Bloomberg Opinion columnist. He was previously a member of the editorial board of the Financial Times.

Policy change?
Photographer: Pool/Getty Images Europe

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Think about extravagant campaign promises, and the words “policy review” don’t exactly leap to mind. And yet, in the steady-as-she-goes world of central bankers, Olli Rehn’s call for a comprehensive rethink of the European Central Bank’s objectives has galvanized the race to succeed Mario Draghi.

The ECB president steps down at the end of October and Rehn, governor of the Bank of Finland, is a contender to replace him. The list also includes Jens Weidmann, president of Germany’s Bundesbank, and the Banque de France’s Francois Villeroy de Galhau (who’s just become favorite, according to a Bloomberg poll of economists).