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The European Central Bank (ECB) is “not too worried” over forex developments, Isabel Schnabel, Member of the Executive Board of the ECB, told Reuters on Monday.

Additional takeaways

“Eurozone economy performing according to ECB’s baseline forecast.”

“No need to adjust policy if the economy performs according to baseline; PEPP size appropriate in the current situation.”

“As the risk of fragmentation recedes, the need to deviate from the capital key is also reduced.”

“Post-review ECB inflation aim should maintain a medium-term perspective, must be simple to communicate.”

“Joint EU debt issuance on its own does not justify increase in PEPP.”

“Time has not yet come to adjust the tiering multiplier.”

“May have to revise plans to meet in person on September 10th.”

Market reaction

The EUR/USD edged slightly lower in the last minutes and was last seen gaining 0.25% on the day at 1.1932.

Expert score

5

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