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    Weidmann: ECB’s credibility unhurt

    ECB member Jens Weidmann speaks in Frankfurt:

    • the agreed stimulus measures must be given time to show results
    • this time can be granted, because there are no signs of ECB credibility being hurt by low inflation
    • no sign of downward price spiral
    • risk and benefits of unconventional policy need to be weighed
    • accomodative policy to stay in the foreseeable future
    • fx is an important monetary policy transmission channel but it mustn’t turn into an active policy instrument

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     EURUSD back to daily tops despite no losses of USD against many of the remaining major currencies.

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