ECB's Coeure: Exchange rate is not a policy target for the ECB

Key quotes, via Reuters, from the speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 18th Jacques Polak Annual Research Conference hosted by the International Monetary Fund, Washington D.C., 3 November 2017.

The Federal Reserve is now actively reducing its balance sheet, while the ECB last week decided to extend its asset purchase programme.

This might have caused some investors to expect a gradual rebalancing of portfolios away from US dollar-denominated assets and towards euro-denominated assets, which would support the euro.

Exchange rate is not a policy target for the ECB.