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ECB hawks demand revolution from new president Lagarde
Two outspoken skeptics of the European Central Bank’s stimulus policy on Wednesday demanded a radical rethink of the ECB’s strategy under incoming President Christine Lagarde. The central bank governors of Austria, Robert Holzmannn, and the Netherlands, Klaas Knot, questioned the ECB’s revered inflation target of just under 2%, which has proven elusive for nearly a decade despite an ultra-easy policy under President Mario Draghi. “I am fundamentally questioning the paradigm”, Holzmann told German business daily Handelsblatt. “I urge a review to determine whether the current position is right.” He was ... (full story)