Benoit Coeure, member of the Executive board of the ECB, said:
- Monetary policy will remain accommodative for a longer period.
- The confidence and stimulus in monetary policy will probably be at least partially offset the deflationary effects of currency strength.
- There is convincing evidence that the non-standard policy has worked.
- If external shocks to the exchange rate persist, they could lead to undue tightening of financial conditions and lead to undesirable consequences of inflation.
- The strength of the euro may have less impact on growth than after the great financial crisis.
- Recent fluctuations in the foreign exchange rate represent a source of uncertainty that requires close monitoring.
