Nagel spoke about the upcoming strategic review and said the ECB needs to improve how policy intentions are communicated but that a Fed-style dot plot system is not desirable.
I tend to agree with him on this, the dot plot has eroded Fed credibility rather than enhancing it. I think Fed forecasts are useful but not on rates because the rates dot is conditional on the economic forecasts.
This article was written by Adam Button at www.forexlive.com.
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