By Paul Carrel FRANKFURT (Reuters) – The European Central Bank's vow last week to keep record-low interest rates "at present or lower levels for an extended period" is a big philosophical shift for a bank that used to insist it would not tie its hands. On the face of it an unprecedented and bold move, such 'forward guidance' is really just formal recognition of what markets expected anyway, and the bank's realistic policy options are narrowly confined. …
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