Non-banks and rising debt threaten independence – Schnabel
Forward guidance was ‘too Odyssean’ during pandemic, says outgoing ECB board member
Isabel Schnabel has said structural changes in the financial sector and rising public debt threaten “monetary dominance”.
The European Central Bank’s outgoing board member reflected on her seven “extraordinary” years at the institution in a speech at its money markets conference today (November 5), and noted that the institution now had the experience to “navigate any stormy waters ahead”.
She admitted that during the pandemic, the ECB’s policy of forward guidance “was too Odyssean. It tied our
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