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    More ECB speakers - more calls for support to fiscal policy

    We have had Villeroy and Visco on the newswires with more communication that there has to be support from fiscal policy to keep the recovery alive:

    • monetary policy can not be left alone in supporting the recovery, can not be the only game in town
    • there is a ’trust issue’ among the countries
    • ECB is tackling ’strong deflationary pressures’


    These are further hints that ECB is becoming concerned that it has not much more to offer to support growth. some EUR losses seem natural after such communication.

    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

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