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Duisenberg's lesson for the ECB: stop worrying about the financial markets.

Publication: The International Economy
Publication Date: 01-JAN-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
It is almost two months now that the European Central Bank ruled out the possibility that eurozone interest rates would be going to zero. Then, that possibility was hedged at the last meeting of the ECB's Governing Council.

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Who knows what will happen? The ECB's attempt to manipulate market expectations in a constantly changing economic environment is causing it to lose credibility at a time when confidence in financial institutions already is severely shaken.

It doesn't have to be this way. The ECB should take a page from Wim Duisenberg's playbook (itself strongly influenced by German Bundesbank practices). The former ECB president did not plan his monetary policy moves months...

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