But its conduct and communication of monetary policy have evolved. The ECB’s reporting obligations have, unsurprisingly, grown. 7  For earlier discussions and evidence on ECB communication, see, for example, Issing (2005), Winkler (2000), Ehrmann and Fratzscher (2007a,b).
The Board of Directors, of which half of the members, the Chairman and Deputy Chairman had been replaced, failed to appoint temporary management and, citing the need to safeguard its local roots and ensure the bank’s independence, refused to entertain the only official offer of a merger made of its own volition by Banca Popolare di Vicenza.