ECB's Coeure: Central bank has instruments and we've shown that we're ready to use them

Further comments by ECB governing council member, Benoit Coeure

• Stronger monetary policy reaction would magnify the potential downsides of rates being low for so long
• Question is which instrument or combination of instruments would be best suited to deal with the circumstances
• Says that would have to consider a tiering system if needed/necessary

They're starting to sound a bit like the BOJ now and with inflation expectations plunging alongside an economic recovery which has not materialised since last year, you can't really blame them can you?