Trying to persuade the 25 people who set the eurozone’s monetary policy to stay on message has always felt to us a little like herding cats. There is always someone in some (usually northern-ish) member state that isn’t happy with a decision, and they’re often only too keen to tell journalists in the said state all about it. Of course, debate ahead of decisions is no bad thing. The problem with continuing to argue after a decision has been taken is that this waywardness and playing to national audiences sows confusion about what the European Central Bank is trying to achieve and, we would argue, ultimately undermines trust in the single currency. The situation has been bad since the beginning of the global financial crisis. And, after a lull in recent years, since Mario Draghi unleashed
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Trying to persuade the 25 people who set the eurozone’s monetary policy to stay on message has...