Better to be safe than sorry when talking to the press

Date: 05/11/1998

The European Central Bank's public relations strategy - “just say no” - went awry at the recent annual meeting of the International Monetary Fund in Washington.

Tomasso Padoa-Schioppa, the ECB board member who has been given responsibility for representing the bank to the outside world, discovered that it is important to be sure exactly who you are just saying no to.

As he left a seminar room during the meeting, he was surrounded by financial news wire reporters in search of a market-moving comment. “I have nothing to say,” he declared high-handedly as the throng grew. But his audience was not so easily discouraged, and as one man persisted by approaching to introduce himself, Padoa-Schioppa glowered. “No, I have no comment to make,” the 58-year-old Italian banker insisted.

“But ... but ... I'm the chairman of the Bulgarian currency board,” said the man.

Even then, Padoa-Schioppa did not relent, refusing to believe him until a business card was produced.