Nowotny's now giving us a ticking off
- Market expectations before policy meeting were absurd
- Analysts had economic fundamentals wrong
- ECB has no exchange rate target
Hark at Billy Big Boots here. If there was any failure it was his boss Draghi going all guns and glory in recent appearances
The euro is showing Nowotny what it thinks by pushing up higher into 1.0900 and a new high at 1.0938
He's giving it some more
- It's not the job of the ECB to correct market expectations
- A central bank must do what it thinks is right and not react to individual opinions
Is he for real? Is it the job of the ECB to raise those expectations in the first place?
If it wasn't for Draghi "raising expectations" at various key points of his tenure the Eurozone would have gone pop in 2012 and the euro would be trading somewhere north of 1.40. You can't have it both ways sunshine
