• diverging monetary policies globally is not unprecedented

  • financial stability risks from ECB policy are contained

  • bubble not inevitable result of non-standard policy

  • global fx moves are a natural by-product of policies

  • euro moves not unprecedented in context of QE

  • exchange rate not an ECB policy target

  • no sign that QE led to flow from euro to emerging markets

  • global policy divergence can lead to tensions

Comments from text of speech in Zurich