Will that put the brakes on this euro rally?
- Present policy is effective
- ECB ready, willing and capable to act if needed
- If volatility creates unwanted tightening in financing conditions that worsens inflation outlook we would react
That's stronger rhetoric than the usual ready, willing and able view
EURJPY came off the highs on that but is going back. EURUSD has fallen more to 1.1165 from 1.1191. We'll see if that lasts
