ECB Coeure speaking.

  • significant monetary policy stimulus is still needed
  • further changes in our forward guidance, if warranted in the future, may help us remain in control of financing conditions along the policy normalization
  • capital flows are rather unreactive to nearing QE end
  • there is at most a loose correlation between the actual pace of euro system purchases under the APP (asset purchase program) - which has been gradually declining since April last year - and the intensity of cross-border capital flows