ECB’s Cœuré says asset purchases are not responsible for exchange rate movements
Executive board member says purchase programme has boosted economic growth and inflation prospects
A member of the European Central Bank’s (ECB) executive board has vehemently defended the central bank’s asset purchase programme (APP), stating it is not wholly responsible for exchange rate movements in other countries.
Speaking at the Foreign Exchange Contact Group meeting on July 11, Benoît Cœuré said the APP has been “instrumental” in easing monetary policy at the effective lower bound in major advanced economies. “These policies have successfully boosted economic growth and inflation
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