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The ECB pours old wine from a barely new bottle
The announcement of the revised ECB strategy had increased expectations for today’s meeting. Would the ECB really be serious about implementing the new strategy, which implied becoming more dovish, and how would the new ‘crispier’ communication that president Christine Lagarde promised just two weeks ago really look? Let’s start with communication. Here, the ECB clearly overpromised and underdelivered. Hardly anything changed, except for some restructuring of texts and adding some coloured headlines. The new bottles had a lot of scratches and dust at delivery. As regards the implementation of the new ... (full story)