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“Unsurprisingly, the new broad interpretation of the ECB mandate looks worryingly like the old one, but embellished with a pretty bow.” This is the opinion of James Athey, manager of Aberdeen Standard Investments, explaining that “the statement has been reworked in a highly semantic way, but the reality is that the ECB continues to foresee a lack of inflation on the horizon of its monetary policy, yet continues to propose new tools in an attempt to close this gap “.
According to James Athey’s analysis, “the best the ECB can do is to continue buying bonds in enough quantity to crack down on any would-be vigilante, hoping that somehow the structural reality will change. Hope is not a great strategy ”.