The article argues that central bankers should be guided by the Taylor rule and that the ECB is the current example of what happens when policy falls behind that rule. For markets, renewed adherence to Taylor-rule discipline would imply a less dovish policy path than currently priced, especially for the euro area, which would pressure European rate-sensitive assets.
•The author says central bankers gathering in Asheville/North Carolina this week should review the Taylor rule, but it appears to have been left off the agenda.
•The ECB is cited as 'today's example of the consequences of being behind the curve' on monetary policy.
•The piece frames the meeting as a G20 central bankers and finance ministers gathering where monetary policy basics need a refresher.