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ECB's Coeure says central bank is ready to take policy action if needed

ECB's Coeure says central bank is ready to take policy action if needed
FILE PHOTO: Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach   -   Copyright  KAI PFAFFENBACH(Reuters)
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BERLIN (Reuters) – European Central Bank board member Benoit Coeure said on Wednesday that the Governing Council was ready to act if necessary to help inflation move towards its aim close to but below 2% in the euro zone.

“Looking ahead, the Governing Council is determined to act in case of adverse contingencies and also stands ready to adjust all of its instruments, as appropriate, to ensure that inflation continues to move towards the Governing Council’s inflation aim in a sustained manner,” Coeure said in a speech before meeting with France’s public audit office.

The bank’s Governing Council put off any rate hike for at least a year at its June 5-6 meeting and President Mario Draghi emphatically opened the door to more stimulus in the following weeks.

The ECB’s Governing Council is due to meet again to discuss monetary policy on July 24-25.

(Reporting by Michelle Martin; Editing by Paul Carrel)

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