ECB had a context to act

The context is vital. The EU is experiencing slower growth with Germany likely to see a small technical recession (2 consecutive quarters of negative growth) in 2019. Declining industrial confidence, in response to slower Chinese demand for EU exports, and political upheaval (“Brexit” once again) is delaying decision making.

ECB chief Mario Draghi completes his term on 31 October 2019 and wanted to hand-over to Christine Lagarde with a clear plan in situ. Widely lauded as the outstanding central banker of his generation, Draghi’s hand will be missed.

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