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Jakobsen: The ECB's 'backward-looking credibility buster'

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How much difference will QE make on the fortunes of the Eurozone? Saxo Bank's Chief Economist, Steen Jakobsen, is not convinced by what he's heard from the European Central Bank's Mario Draghi. He says the risk here is that Europe has already stabilised, if not improved and the problem is that central banks everywhere are conducting 'backwards looking' monetary policy.
Steen argues we need a new forward guidance model. However he says the ECB has been wrong so many times, it's "lost all credibility" in terms of predicting an accurate economic future.