We observed a hawkish revision of expectations about the trajectory of ECB policy rates and increased uncertainty about our reaction function. Market intelligence following the decision suggested that the absence of clearer forward guidance on the possibility of further cuts in the DFR led to a sharp repricing in the EONIA forward market.
The world nowadays changes very, very, very fast given the challenges of science, technology and globalisation.” Is the wish to see rapid change in France no more than a utopia bearing in mind the current situation? Jean-Claude Trichet: “I think that the characteristics of each and every country are of course linked to its history.