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- ECB hawk says dissent at the central bank shouldn’t be dramatized, rate hike still way off
ECB hawk says dissent at the central bank shouldn’t be dramatized, rate hike still way off
CNBC reports that Belgian central bank governor and ECB member Pierre Wunsch - one of the more hawkish members of the ECBank - has sought to downplay the division seen at the ECB this week, saying that he is still supportive of accommodative policy.
“We all agree we want to be supportive in this phase of the recovery, we all actually want to go to 2% [inflation], so my dissent shouldn’t be dramatized,” Wunsch told.
Wunsch confirmed that he voted against the central bank’s new guidance on interest rates, announced on Thursday. He said he was reluctant to commit to the potential five or six-year time horizon for dovish policy to remain in place, in line with market expectations, given the possible risks that could force the central bank to change course.
Reports have suggested that Bundesbank President Jens Weidmann also voted against the changes.
Wunsch suggested that he may be “taking forward guidance too seriously,” and told that some of his colleagues at the ECB had suggested the guidance could be altered again should certain changes to financial conditions arise.
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