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DAVOS, Switzerland – A top official at the European Central Bank says getting the euro down was not a prime consideration of the bank’s recently announced 1.1 trillion-euro ($1.2 trillion) stimulus.
Benoit Coeure, an executive board member at the ECB, told a panel at the World Economic Forum in the Swiss ski resort of Davos on Saturday that the fall in the euro since Thursday’s announcement was one of the consequences of the stimulus but “not the most important consideration.”
The euro has fallen sharply since the announcement, and is at 11-year lows against the dollar. That could boost growth by making exports from the 19-country eurozone cheaper.
Coeure said it was “pretty clear” the ECB had to do something to get inflation back to target. Prices are falling modestly in the eurozone.