As governor of the Bank of Canada, Mark Carney hailed a willingness to “put our money where our mouths were” as a reason his 2009 campaign to manage interest-rate expectations paid off. The test for Carney, now head of the Bank of England, and European Central Bank President Mario Draghi is whether they’ll need to do the same as they introduce so-called forward guidance in the hope they can boost economic growth by restraining the borrowing costs charged in financial markets. With the BOE this month calling a recent decline in gilts “not warranted” and the ECB pledging low rates for an “extended period,” policy ... (full story)