The European Central Bank (ECB) is set to be investigated after a speech made by a top official last week was criticized for releasing market-sensitive information to a limited audience.
Benoit Coeure, a member of the ECB's Executive Board, said in a talk late Monday that the central bank would "front-load" its trillion-euro bond-buying program during the summer months to counteract weak liquidity. The audience at the event in London included academics, policymakers and practitioners.
However, the transcript of these comments was not published by the ECB until around 7 a.m. London time the following morning – when it caused the euro to plunge by around 1 percent against the dollar. Thus, investors who heard the speech live had around 12 hours to react to the news ahead of the single currency's fall.