ECB's Constancio: We will continue using forward guidance to some extent
|Key highlights from the remarks by Vítor Constâncio, Vice-President of the ECB, at the ECB Workshop “Monetary Policy in Non-Standard Times”, 11 and 12 September 2017, Frankfurt am Main:
- Inconsistent or vague promises about the future course of monetary policy often introduce additional noise and raise rather than reduce economic uncertainty
- We will continue using forward guidance to some extent, but knowing that it is an imperfect tool and therefore only as one of the various non-standard measures that we can activate when deemed necessary
- Non-standard measures proved crucial to avoid deflation and foster the economic recovery
- We have not yet achieved our main goal of inflation being below but close to 2 percent
- By keeping a sufficient degree of monetary policy accommodation we can be confident that our goal will eventually be reached
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