Mario Draghi's last meeting as European Central Bank chief this Thursday ma...
LONDON, - Mario Draghi’s last meeting as European Central Bank chief this Thursday may prove a lively gathering given a deep rift among policymakers over renewed asset purchases that threatens the effectiveness of policy.
At the same time deep divisions have emerged among policymakers over reviving bond purchases, meaning the ECB chief’s final news conference may prove a heated affair.Economists predict no major changes to the ECB’s post-meeting policy statement given a broad range of stimulus measures unveiled at the Sept. 12 meeting.
The latest stimulus package will not significantly help bring inflation back to target, according to a Reuters poll of economists who said the risk of a euro zone recession in the next two years has increased.2. The ECB’s board is deeply divided, what does this mean for policy? “From Draghi’s point of view, he will say the discussions are important and there are differences but as long as there is a majority in favor, those policies are carried out,” said Anatoli Annenkov, senior European economist at Societe Generale.
Two sources familiar with the process told Reuters the ECB will run out of German bonds to buy in just over a year under the current rules and would have to bend them to keep the scheme running longer, risking fresh internal and legal conflict.At its September meeting, the ECB increased its charge on bank deposits to -0.5% to protect the euro zone from a global economic slowdown.
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