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ecb boj

It’s normal to assume there will be a change in policy when an institution has a change of leadership. In fact, it’s kind of unavoidable. Even for an institution like the ECB which has a mandate of maintaining stability, there are different views on how to maintain it.

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The restructuring of the governing body of the ECB was a long negotiating process. This was in order to balance two different policy currents: “northern” Europe, lead by Germany, more inclined towards stability; and “southern” Europe, alternately championed by France or Italy, with more focus on helping the economy.

A New Direction?

The latest moves have inclined some analysts to argue that the “center of gravity” of the bank has moved “north”. That is, the Presidency and Chief Economist went from being in the hands of Italy and Portugal to being France and Ireland, respectively. It brings back memories, t...


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