Coeure spoke in an interview with LCI television — shamefully it was during France’s World Cup game:

  • ECB’s recent move is “necessary” though “not sufficient” on its own.
  • Governments should take advantage of low borrowing costs to make reforms
  • We’re trying to remove obstacles to getting credit to companies
  • QE is one solution if deflation materializes, it hasn’t for the moment

Governments never take austerity or reform measures until the market forces them to. Years from now we will look back European governments will have missed their last real chance at reform because they were bailed out by easy monetary policy from the ECB.