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By Frederik DUCROZET, Head of Macroeconomic Research Pictet Wealth Management
At 25 years of age, the European Central Bank has well and truly come of age. By far the youngest of the world's major central banks, and the only one without a federal government behind it, the ECB successfully navigated the euro zone crisis that threatened the very existence of the currency it underpins, emerging with a strengthened reputation that has helped enhance the cohesion and integrity of the single European currency.
To be sure, there have been mistakes along the way, but the ECB and its policymakers have shown an ability to correct and learn from their missteps. They have also proven adept at innovating and developing policy tools while showing the...
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