The European Central Bank has downplayed a global slowdown for months, but it wi...
FRANKFURT - The European Central Bank has downplayed a global slowdown for months, but it will finally take a tentative step next week to prop up the euro zone economy, signaling fresh stimulus to keep banks lending.
After a decade of fighting crisis, it is a role the ECB is all too familiar with. But it will be tricky, nevertheless. “A traditional wait-and-see stance runs the risk of unintentional tightening of monetary conditions,” ING economist Carsten Brzeski said. “The ECB will have to carefully balance between too-hasty action, which could be perceived as panic, and too much complacency.”
But the devil will be in the details, and the ECB is in no hurry to lay all of its cards on the table. The problem is that any change in the guidance, which sees rates steady through the summer, will reach beyond the term of ECB President Mario Draghi, a potentially contentious move not all policymakers are ready to take.
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