ECB Draghi Responds to IMF Criticism

European Central Bank (ECB) President Mario Draghi took a swipe at the International Monetary Fund (IMF) Thursday, as he defended the bank’s decision to keep monetary policy unchanged for another month.

On Wednesday, the IMF Managing Director Christine Lagarde called for more action from the ECB to combat falling inflation and keep the euro zone’s recovery on track.

But in a press conference following the ECB’s monthly monetary policy meeting, where it decided to hold rates at the record low of 0.25 percent, Draghi said he appreciated the IMF’s contribution – although his tone told another story.

“The IMF has been (recently) extremely generous in its suggestions on what we should do or not do, and we are really thankful for that,” Draghi said, but added that the ECB’s Governing Council disagreed.

Frankly, I would like the IMF to be as generous as they have been towards us also with other monetary policy jurisdictions, like for example issuing statements just the day before an FOMC (U.S. Federal Open Market Committee) meeting would take place,” he added.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza