Central Banking

Bye bye, Buba

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ARTICLE - This article says the ECB should scrap money supply targeting, its "first pillar" and reduce it to the role of an indicator. It also promotes a looser inflation target, with a change to a symmetrical rate perhaps as high as 3 per cent with 1 per cent leeway either side.

First published in the Financial Times, UK edition, 19 December.

Pity poor Wim Duisenberg. For 17 months, the president of the European Central Bank has been forced to defend an intellectual inconsistency in the bank's

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