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ECB's Coeure says QE is working

[DAVOS, Switzerland] The European Central Bank's quantitative easing programme is working and has helped bring about a "tremendous improvement" in eurozone capital markets, ECB executive board member Benoit Coeure said on Friday.

Speaking in Davos, Coeure said the ECB was determined to push inflation back towards its goal of close to 2 per cent, noting "we have not given up".

On the same panel, UBS chairman and former Bundesbank chief Axel Weber said central banks were tempting fate by pushing interest rates deep into negative territory and blamed recent market turbulence on easy monetary policy he said had distorted the risk calculus.