Why the ECB needs to rethink its role

Kenneth Clarke, a former British chancellor of the exchequer, in this issue calls for the ECB to rethink its role and its communications. His comments should carry considerable weight, as he is probably the leading pro-European and pro-euro politician in Britain, and a former finance minister who has followed the fortunes of the euro and the ECB closely. Central Banking agrees with much of what he says, and we would like to explain why.

A series of developments have brought the question of the

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