Arab Today, arab today ecb defends expansionary monetary policy against intensifying criticism
Last Updated : GMT 13:41:06
Arab Today, arab today
Arab Today, arab today

ECB defends expansionary monetary policy against intensifying criticism

Arab Today, arab today

Arab Today, arab today ECB defends expansionary monetary policy against intensifying criticism

European Central Bank
Amsterdam - XINHUA

European Central Bank (ECB) executive board member Benoit Coeure, at a meeting of eurozone finance chiefs, defended the bank's monetary policy on Friday against criticism from German politicians pointing at the bank's negative deposit rate and the mass purchase of bonds through its quantitative easing program.

When the bank's governing council met on Thursday, the council unanimously defended the appropriateness of the current expansionary monetary policy, said the French economist at a press conference.

"We all have difficult work to do. The ministers have hard work to do. We have hard work to do. We have different responsibilities," he added, stressing that the bank's best contribution to the eurozone would be to deliver on what the treaty establishing it says.

In March, ECB unveiled a series of unconventional monetary policies designed to lift inflation closer to its two percent target. Anti-deflation measures already in place include the monthly purchase of 80 billion euros (89.88 billion U.S. dollars) in bonds. The policy has been criticized by German politicians since the beginning.

Earlier this week, German finance minister Wolfgang Schauble said record low rates were causing extraordinary problems for German banks and pensioners and risked fuelling the rise of Eurosceptics in Germany. He suggested that the ultra-low rates were partly responsible for the rise of the xenophobic party Alternative for Germany.

Emphasizing the bank's right to independence from political interference, eurozone finance chief Jeroen Dijsselbloem called on eurozone politicians to refrain from commenting on ECB's work. "ECB needs to do its work in full independence. It is important for its credibility and the effectiveness of its policies."

Concerning Greece, Coeure said the ECB agreed that "debt measures for Greece are necessary to ensure debt sustainability" and the bank would provide technical assistance on debt relief measures for Greece. He also noted that Greece had made progress on tackling the problem of non-performing loans during the current bailout negotiations.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ecb defends expansionary monetary policy against intensifying criticism Arab Today, arab today ecb defends expansionary monetary policy against intensifying criticism

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ecb defends expansionary monetary policy against intensifying criticism Arab Today, arab today ecb defends expansionary monetary policy against intensifying criticism

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday