ING Economic and Financial Analysis | Oct 21, 2019 06:06AM ET
This week’s European Central Bank meeting, Mario Draghi's last as President, should be short and brief on facts and decisions but rather long on emotions
The shockwaves of the September decisions are still echoing through the floors of the ECB building and many media headlines, particularly in core eurozone countries. While data releases since that meeting have given very little reason to change the ECB’s growth and inflation assessment, the quarrels on whether or not the economic outlook fully justifies the September package continue. At the same time, Thursday's meeting will be the last one with Mario Draghi as ECB president. There might not be another confetti shower during the press conference... you'll remember a protester threw paper and confetti at him in 2015... but some retrospective comments should be expected.
What do we expect?
While the ECB under Mario Draghi has often tried its best to be ahead of the curve and forward-looking, this week’s meeting will probably be mainly backwards-looking, not only on the September meeting but on Mario Draghi’s entire legacy. The only disturbing factor of Draghi’s farewell party is the ongoing 'war of the roses'. Therefore, Thursday’s meeting will not only be a party but expect it to have some therapeutical moments too.
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