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Article: The Excessively Cautious Bank; European interest rates.(Europe's cautious central bank)(European Central Bank)
- Article from:
- The Economist (US)
- Article date:
- October 4, 2003
CopyrightCOPYRIGHT 2003 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In monetary policy, actions speak louder than words
WIM DUISENBERG chaired his last monetary-policy meeting as the president of the European Central Bank (ECB) this week, before he hands over to Jean-Claude Trichet in November. The bank's press conferences are thus likely to be less exciting in future: Mr Duisenberg's gaffes have often rattled financial markets. And under his leadership, the ECB is also widely blamed for Europe's dismal economic performance. But it would be wrong to conclude that a central bank's monetary policy is only as good as its boss. The ECB has done a better job than is generally thought.
Many critics (including, at times, this ...