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- PolicyPolicy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- CommoditiesCommodities
Real-time insight of oil & gas markets
- CreditCredit
Real time insight of credit markets
- Data
- MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
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MNI: ECB Coeure: Euro Area Growth Too Reliant on ECB MonPol
By Christian Vits
FRANKFURT (MNI) - Economic Growth in the Eurozone still too much depends on
the European Central Bank's monetary policy, Executive Board member Benoit
Coeure said Wednesday and called for further reform efforts across the bloc.
"Monetary policy can quickly become overburdened if national fiscal and
economic policies fail to internalise the effects they have on the common
currency," Coeure said in Berlin.
"It is easy to see that if fiscal policy is loosened during an expansion,
or tightened during a recession, the burden on the central bank to stabilise the
economy increases mechanically," he added. "Even today, euro area growth still
relies too much on monetary policy support," he criticised.
According to ECB staff estimates, the contribution of the ECB's easing
measures to annual euro area GDP growth was half a percentage point in 2017 and
will still be around one-third of a percentage point in 2018.
"Monetary policy can do little to lift the long-term growth rate of our
region," Coeure said and demanded further reforms, both at Member State and euro
area level.
--MNI Frankfurt Bureau; +49 69 97782671; email: christian.vits@marketnews.com
[TOPICS: M$E$$$,M$X$$$,MC$$$$,MT$$$$,M$$EC$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.