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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessLagarde: "Medium Term" Horizon Probably A Little Beyond 3 Years
Q: (From MNI's Luke Heighton). Could you provide a summary of the arguments made by those that did not support the calibration of today's decision. The second question requires clarification of the 'medium term'.
- A: You would be better off asking them. Our strategy, which is our framework, has been adopted unanimously. All members of the GC agreed that the forward guidance had to be revisited. The calibration is a practical issue of a general principle. The number of dissenters was relatively small.
- The projection horizon is three years. The medium-term horizon is probably a little beyond that. It helps us take into account other matters that have nothing to do with inflation but have to do with employment, climate change etc. - i.e. factors that the ECB has to take into account but may not factor into the inflation forecast.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.