ECB Secretly Made "Dozens" Of Private Calls To Select Investors After Lagarde Announcement Debacles

One of the biggest lies that has bizarrely persisted over the past century is that central banks are somehow working on behalf of "the people." Nothing could be further from the truth, unless of course one's definition of "people" are those high net worth individuals whose assets are in the mbillions.

And while we have repeatedly documented the often illegal sharing of inside information between the Fed and a handful of ultra-wealthy asset managers, today we get another confirmation that the ECB is no different.

According to the WSJ, the European Central Bank’s chief economist made "dozens of private calls" to banks and investors after policy meetings this year in what the ECB called "an unusual attempt to buttress the central bank’s sometimes-puzzling public communications."

According to the report, the calls began in March, after the ECB's commpletely clueless and communications-challenged President Christine Lagarde, whose most recent "success" was crushing the reputation of the IMF which lost tens of billions in its latest "bailout" of Argentina, stunned traders by suggesting at a news conference that the central bank wouldn’t prop up Italy’s bond market. And since it is borderline illegal for a central banker to spark any selling, and since Italian stocks and bonds slumped after her comments, this sparked a panic at the ECB where hours later the chief economist, Philip Lane placed separate calls to 11 banks and investors in which he sought to "clarify" Lagarde's message.

https://www.zerohedge.com/markets/ecb-secretly-made-dozens-private-calls-select-investors-after-lagarde-announcement-debacles