The European Central Bank should count itself lucky. In the last few weeks, most of the spotlight on central banks -- and the controversy -- has fallen on the Federal Reserve. The ECB has essentially flown below the markets’ radar, even though Europe is facing a much tougher economic outlook. But the meeting this week of the ECB’s Governing Council will reignite interest in the bank’s intensifying policy challenges as it also faces an upcoming leadership change. Having had to respond to acute sovereign-debt pressures in some member countries (including Greece, Italy, Portugal and Spain), the ECB embarked a lot later ... (full story)