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ECB policy not market-dependent, bank's vice president says
The European Central Bank must be critical of market expectations for its future policy moves, basing its decision on economic data rather than financial market prices, ECB Vice President Luis de Guindos said on Tuesday. The ECB has all but promised a stimulus package for its Sept. 12 policy meeting and market expectations have been growing. Investors are already pricing in several rate cuts for the coming year and a fresh round of bond purchases, commonly known as quantitative easing. “Our monetary policy is data-dependent, not market- dependent: indications from market expectations cannot replace our policy ... (full story)
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