ECB executive board member Coeure interviewed for ECB website 7 July
- the euro area can be said to have entered a phase of economic expansion
- the increase in long-term interest rates is the result of consolidating growth
- Governments and financial players must prepare themselves for it. They are aware of that
- no disagreement within ECB over current mon pol stance
- Brexit is bad news for everyone, but it was the British people's choice, and its economic impact is far less significant for us than it is for them
"It's true that in the space of one year the situation has improved considerably. The euro area can be said to have entered a phase of economic expansion. The recovery has finally arrived. It has spread to virtually all sectors and countries. This is excellent news.
But it would be unwise to let our guard down, because this recovery is of a cyclical nature and builds on significant support from monetary policy. There is still much to do to make it long-lasting. Structural growth needs to be strengthened in each country and the euro area must be made more resilient to shocks."
Full interview here
More tapering talk but repeated comments in essence and no more specific on timings than previous ones.
EURUSD unchanged around 1.1415.
ECB's Coeure - Unwise to let our guard down
