ECB’s Noyer feels central banks don’t need to start withdrawing liquidity from the system now, but should stand ready to do so as soon as it becomes necessary.
The official says the ECB remains pragmatic regarding policy and is following economic data. He says it is generally speaking important to ease as much as possible without compromising price stability.
Noyer says it is very difficult to put a date on when the French deficit will be balanced.
Says he is quite favourable to publishing European bank stress tests.
That last comment will improve sentiment somewhat. Noyer’s obviously not worried too much about the state of European banking.
EUR/USD has had a good morning, back up at 1.3920. But when all said and done, we’re still stuck in the 1.38/1.40 range. All together now. “stuck in the middle with you”
