ECB’s Rehn: We Will Be Data-Dependent, No Pre-Commitments

26 June 2024

By David Barwick – HELSINKI (Econostream) – European Central Bank Governing Council member Olli Rehn on Wednesday made clear that he, too, respected the ECB’s data-driven, meeting-by-meeting approach to setting monetary policy.

In closing remarks at the 3rd International Monetary Policy Conference of the Bank of Finland, which he heads, Rehn noted the intervention during the event of Banca d’Italia Governor Fabio Panetta, who had criticised remarks made earlier by Rehn in an interview and indicating with unusual clarity where ECB monetary policy was going.

‘We will be data-dependent and we are not committing to any kind of rate path’, Rehn, intent on damage control, said.