ECB's de Guindos: Forward guidance is out of fashion

<p>It's all about being data dependent now and that applies to all major central banks around the globe, unless you're the BOJ that is. As for the ECB, they're not really in a flexible spot despite all of their recent remarks. The euro area economy is teetering on the brink of a recession and with credit conditions looking rather strained, they can't afford to overtighten policy at the moment.</p>

This article was written by Justin Low at www.forexlive.com.