ECB’s Makhlouf: Monetary policy isn't the only game in town

The European Central Bank's (ECB) actions against the coronavirus outbreak have been timely and the tools that it used are targeted, ECB policymaker Gabriel Makhlouf said in a blog post published on Central Bank of Ireland's website.

Additional takeaways

"There are other tools available for us to ensure that our monetary policy remains effective."

"We want to make sure that there is plenty of liquidity, that credit flows to the real economy, and that our monetary policy stance and transmission are effective in pursuit of our price stability objective."

"Monetary policy isn't the only game in town. Governments of euro area countries, including Ireland, have announced and implemented a series of important measures."

"We continue to need timely and targeted efforts by euro area governments to support the recovery."

"At our next meeting, the GC will have more information available to inform our assessment of the macroeconomic outlook."

Market reaction

The EUR/USD pair largely ignored these remarks and was last seen down 0.25% on the day at 1.0810.