“We will be as flexible as required in particular to avoid a euro area fragmentation caused by unjustified interest rate increases in some countries,” European Central Bank (ECB) Governing Council member François Villeroy de Galhau said on Wednesday.
Additional takeaways
“We will be as innovative as necessary regarding instruments.”
“Governing Council took note yesterday of the judgement by Germany’s Federal Constitutional Court.”
“EU Court of Justice has said our past actions are indeed proportionate to our mandate.”
“Our determination for the future to deliver on that mandate is total.”
“Criticising ECB independence and price stability focus seems not only unnecessary but also dangerous.”
“Independence and price stability do in no way stand in the way of powerful action by the ECB.”
“In the very name of our mandate, we will be able to go further, and we will most likely have to go further to support the recovery.”
Market reaction
These comments failed to help the shared currency recovery its losses. As of writing, the EUR/USD pair was down 0.33% on a daily basis at 1.0803.
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