10 Jun 2015
ECB QE ‘has been a successful operation’ – ECB’s Makuch
FXStreet (Mumbai) - The euro area has already seen the positive impact of the ECB's asset-purchasing program, bank Governing Council member Jozef Makuch said on Tuesday, citing higher inflation, a weaker euro and an accelerating recovery.
Makuch noted, "We can say it has been a successful operation, it was the correct move which is being shown in the rise of inflation, which was the main motive, and also (there is) the indirect effect of higher GDP growth and the wholly indirect, though visible effect in the form of a low exchange rate of the euro to other currencies, mainly to the US dollar."
He explicitly ruled out any concern regarding the higher bond yields in the region, while he argued that the combination of the current QE program and the TLTRO is boosting economic growth in the euro area.
Makuch noted, "We can say it has been a successful operation, it was the correct move which is being shown in the rise of inflation, which was the main motive, and also (there is) the indirect effect of higher GDP growth and the wholly indirect, though visible effect in the form of a low exchange rate of the euro to other currencies, mainly to the US dollar."
He explicitly ruled out any concern regarding the higher bond yields in the region, while he argued that the combination of the current QE program and the TLTRO is boosting economic growth in the euro area.