Vice President of the European Central Bank: Eurozone problems were more serious...

16.11.2015 / 15:30

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“Monetary policy and the euro area problem”
Speech by Vítor Constâncio, Vice-President of the ECB, at the 18th Euro Finance Week, Frankfurt, 16 November 2015

Vice President of the European Central Bank Vítor Constâncio:

- Eurozone problems were more serious...

- Namely, the low level of policy rates is associated with the declining real rate of equilibrium. The worsening of the international economic situation and the low inflation will lead the ECB to reassess its policy stance in December. To face the challenges confronting the euro area, it is recognised that monetary policy cannot address all the problems and that structural reforms and fiscal policy should help to overcome them.

- Key interest rates will remain low for an extended period of time to support demand inflation targeting.

- The ECB's 2% inflation level will be advanced in 2017.

- Now is too early to say what will be the financial and economic consequences of the attacks in Paris...

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Vice President of the European Central Bank: Eurozone problems were more serious...

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