ECB Liikanen: Message Of Euro’s Irreversibility Important

Author: Market News International | Category: News

Helsinki (MNI) – Sending the message of the euro’s irreversibility
is important, and people should be cautious about what they say in order
to avoid creating instability, ECB Governing Council member Erkki
Liikanen said in an interview with the Finnish daily Aamulehti,
published Wednesday.

“Careful wording is vital for policy-makers in such a situation,”
Liikanen, who heads the Bank of Finland, said.

Commenting on the ECB’s communication policy, Liikanen said that in
the future, “more might be made public substantially earlier than
before.”

Liikanen said that in the euro area, “every country is responsible
for its own public finances.” He urged countries to cooperate and, if
needed, “support each other through the EFSF or ESM” – Europe’s current
and future bailout funds. Only under those circumstances can the ECB
participate in managing the crisis, he said.

Liikanen noted that growth in the Eurozone will be “subdued” this
year. He said the midpoint in the crisis may have been passed, “but
every marathon runner knows that in the other half there remains plenty
to do.”

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