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Investment banks' private calls with ECB chief economist are questioned
ECB to Review Format of Private Calls by Chief Economist to Investors
By Martin Arnold
Financial Times, London
Friday, January 22, 2021
FRANKFURT, Germany -- The European Central Bank is to review the format of private calls its chief economist has held with financial market participants, including Goldman Sachs, JPMorgan Chase, and BlackRock, to discuss its monetary policy decisions.
Christine Lagarde, the ECB's president, defended the calls in a letter to a Dutch member of the European parliament that was published today, in which she also said the practice was being reconsidered.
... Dispatch continues below ...
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The one-to-one calls were made by Philip Lane, the ECB's chief economist, to a handful of investors and bankers at large financial institutions in the hours after Ms. Lagarde held press conferences to present the central bank's latest monetary policy moves.
The calls were disclosed, with a delay of several weeks, in Mr. Lane's diary on the ECB website. But they have raised questions about whether the chief economist could have given sensitive information to a few privileged investors. ...
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