ECB's Coeure: Currency depreciation a side-effect of ECB policy, not the aim

ECB's Coeure on international spillovers of the ECB's asset purchase programme

• The ECB's asset purchase program does appear to have triggered substantial capital flows across borders
• Asset purchases affect FX in broadly the same way as traditional policy, via interest rate differentials
• The spillovers from our unconventional monetary policies have boosted growth and inflation prospects, not only in the euro area but also globally

It's an interesting speech on how QE affects the exchange rate. Read the full text.