Speaks in Exchborn, Germany
He adds:
- ECB critics have been proved wrong in the past
- concern over ECB monetary policy don't stand up to scrutiny
- Needs to complete monetary union on all fronts
- ECB will fulfill its mandate
- meeting. Our objective is about credibility
- Is clear that the impact of the APP on confidence, credit and the economy has been substantial
- Euro area recovery is proceeding
- The ECB is contributing to securing the cyclical recovery by fulfilling our price stability mandate
- To turn the cyclical recovery into a structural recovery, others have to play their part
- Core inflation is not ECB objective; it leads headline inflation
- Meeting the inflation objective matters for ECB credibility
The EURUSD is down a few pips since the headlines started to come out. The pair trades at 1.0826 currently.