Is Mario Draghi leading an insurrection at the European Central Bank?
Speaking this morning to Banca d’Italia shareholders, Italy’s central bank governor identified ”a greater need to proceed with monetary policy normalisation so as to prevent expectations of higher inflation from becoming entrenched”.
That might have seemed a unsurprising nod towards another ECB interest rate increase by the man expected to take over as ECB president on November 1. But the term “normalisation” has become loaded in ECB policy-making circles. Read more