ECB member Benoit Coeure speaks in Frankfurt in a working group meeting regarding euro risk-free rates
Coeure says that a reform of reference interest rate will help to underpin good functioning euro area money markets and trust in its related products. He also adds that it is vital since monetary policy is initially transmitted through financial markets.
Nothing of note in his speech to be honest. The full text can be found here. He's mainly going on about why is it important to reform the reference interest rate, and added some recommendations in establishing a new one.
Dry stuff. EUR/USD now at 1.2339 just off the highs earlier at 1.2350. EUR/CHF is at 1.1519 near the highs as well.
