ECB’s Draghi says ‘forward guidance’ on policy a success

FRANKFURT (Reuters) – The European Central Bank’s “forward guidance” on future policy moves has been successful in steering market expectations and is now an established policy tool, ECB President Mario Draghi said on Tuesday.

“Forward guidance has become a full-fledged monetary policy instrument,” Draghi told an ECB conference.

“It’s hard to say (whether it will continue even after interest rates rise) but so far the experience has been successful.

“Why discard a monetary policy instrument that has proved to be effective?” Draghi added.

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