ECB ready to be 'pillar of stability' amid ongoing uncertainty
Frankfurt
THE European Central Bank is readying itself to again underpin the euro area's cohesion if needed, according to Governing Council member Yannis Stournaras.
As policy makers prepare to debate the future of their asset-purchase programme on Dec 8, they're faced with an outlook that is increasingly foggy. While euro-area inflation is rising and the recovery continuing, officials are also aware that a series of national votes in the next 12 months could change the political landscape and shock the economy.
"Independent central banks will have a much bigger role to play if developments aren't so benign in the political sphere," Mr Stournaras said in an interview on Friday. "If there's more volatility, more uncertainty, more protectionism, we want to be an even stronger pillar of stability." The comments by the governor of the Greek central bank, at the institution's headquarters in Athens, echo remarks by other policy makers in recent weeks. ECB president Mario Draghi said on Nov 18 that "we cannot be sanguine" over the economic outlook. …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Luxury sector outlook clouded by China’s slow recovery
TikTok CEO expects to defeat US restrictions: ‘We aren’t going anywhere’
TikTok artists and advertisers to stay with app until ‘door slams shut’
Biden signs Ukraine aid, TikTok ban Bills after Republican battle
UAE announces US$544 million for rain repairs, says lessons 'learned'
HSBC says growing Chinese wealth fuels client investments in US