The communication confusion of ECB President Lagarde

Fabio Canetg

Christine Lagarde, president of the European Central bank (ECB), has recently caused a lot of confusion with her communication. One reason for this is that she was not properly understood.

Since September Lagarde has been saying after every monetary policy meeting that the ECB will no longer give any hints about its future interest rate decisions. This was also the case after the most recent meeting in February. This became known as the “meeting-by-meeting approach”.

At the same time, Lagarde held out the prospect of another interest rate step in March. So the ECB is doing “forward guidance” again after all. How does Lagarde’s announcement fit in with the meeting-by-meeting approach? Find out about this and more in the Geldcast Update.

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Author Fabio Canetg completed his doctorate in monetary policy at the University of Bern and the Toulouse School of Economics. Today he is a lecturer at the University of Bern. As a journalist, he works for SRF Arena, Republik Magazin and SWI swissinfo.ch, where he hosts the monetary policy podcast “Geldcast”.