Opinion: The ECB is in danger of losing its voice

Draghi's primary monetary policy tool - communication - may not be enough


The European Central Bank (ECB) took a series of concrete actions to help kick-start Europe's economic recovery following the advent of the eurozone's financial and debt crisis. The Securities Markets Programme, for instance, was used to purchase covered bonds and government bonds, while the implementation of long-term refinancing operations (LTROs) assisted those banks that were desperate for funding.

Since the second quarter of 2012, however, the focus has shifted to a communication strategy –

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