Ewald Nowotny (governor of the National Bank of Austria and member of the European Central Bank (ECB) 's governing council) today shifted attention from criticism of the ECB towards reproaches to unrealistic expectations and unfounded assessments of analysts. In fact, the problem is that Draghi continues to encounter strong resistance from Germany in efforts to constantly expand the EQ incentives and regulatory centralization of the banking system in Europe while growing thus risks and asymmetric responsibility are not well interpreted in Germany.
12:00 Nowotny speaks:
- The level of inflation is very low ...
- The ECB will not allow market expectations to influence monetary policy ...
- Expectations before last weeks policy meeting were absurd...
- Analysts misinterpret economic base ...
- The ECB is not looking for a target exchange rate of EUR ...
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