New European Central Bank President Christine Lagarde struck an upbeat tone on the economy in her first news conference, promising a new style of leadership as she outlined a big one-year review of the bank’s workings
FRANKFURT - Christine Lagarde used her first full news conference as head of the European Central Bank on Thursday to promise a broad and open-ended strategic review of the bank’s workings and served notice of a new style in communicating its thinking.
“I will have my own style. Don’t over-interpret, don’t second-guess, don’t cross-reference. I am going to be myself and therefore probably different,” she told reporters in what she billed as a short preamble before taking questions. “It will aim not just preaching the gospel we think we master but also listening ... There is no preconceived landing zone at this point in time,” she added of the exercise, which mirrors a similar endeavor under way in the United States.
The ECB held its deposit rate at a record low minus 0.5% while keeping the option of another rate cut firmly on the table. It also promised low interest rates for an extended period and kept the pace of bond purchases, aimed at lowering borrowing costs, steady at 20 billion euros a month.
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