Yesterday, the ECB's Coeure spoke at the ECB....>

ECB: Yesterday, the ECB's Coeure spoke at the ECB workshop "Monetary policy in

non-standard times". Today, it's the turn of one of the doves, Vito Constancio

at 1445BST/1545CET. 

- This workshop is not a platform for thin opinions on the next monetary policy

change but more likely a presentation of more thoroughly researched views as

Coeure did yesterday with his look at the waning impact of the FX rate in the

transmission of monetary policy and IS curve estimates.

- Constancio last spoke at length on 1 Sep about global and euro structural

growth and talked of synchronised growth but the difficulty of "normalising

inflation and unemployment to acceptable levels". He also thought "a correction

in the worldwide risk premia, particularly in the bond market seems now more

absorbable. Financial conditions may nevertheless deteriorate suddenly, due to

developments in the US or emerging economies' or to geo-political risks that can

trigger spikes in a situation of prolonged low volatility"