(Bloomberg) -- European Central Bank President Christine Lagarde defended her chief economist’s controversial telephone conversations with banks and investors following policy decisions, but said “the format of the calls” is being reconsidered.
Reports late last year about Philip Lane’s discussions with analysts and investors sparked unease about the institution’s communication strategy. His schedule showed, for instance, that Lane held 11 such talks in the hours following a market-moving misstep by Lagarde at the March 12 press conference.
Read more: ECB’s Private Calls to Investors Revive Communications Confusion
Lane’s most recent diary was published by the ECB on Friday, and showed he held teleconferences with eight different banks after a policy update on Oct. 29. The banks included Bank of America, Barclays, Credit Suisse, Societe Generale, and UniCredit.
“The calls followed a clear and structured approach in line with the ECB’s framework for interactions with representatives of the private sector, with ECB staff members always present during the entirety of these calls,” Lagarde said in a letter published Friday, written in response to a member of European Parliament.
She said exchanging views with investment banks or other financial market participants is important for the ECB “to deliver on its mandate,” as markets play a key role in the transmission of policy.
Lagarde also said that the ECB applied a “rotation principle” across analysts, allowing a wide range of institutions to participate. The ECB typically makes board members’ diaries public with a lag of two or three months.
“The ECB is continuously learning and reviewing its policies and practices with a view to making them as effective as possible -- this is also true for the field of communication,” she added. “To this end, the format of the calls you referred to is also being reconsidered.”
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case
The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize
Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup
Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
