• will need accomodative monetary conditions for “quite a long time”
  • ECB wants to avoid pressure on its communications
  • UK US and Eurozone economies very different
  • ECB not in competition with Fed or BOE

Coeure on the radio largely repeating comments I posted yesterday

  • Eurozone growth very weak but likely to accelerate
  • growth needed to get inflation up to 2%
  • European debt levels still too high
  • stability pact must be respected

On France:

  • ECB closely following French reforms
  • reforms must be put into practice
  • Germany is ahead on reforms but France will catch up
  • has no long term fears for French economy

EURUSD unfazed at 1.3590