ECB's Noyer sees gold's role as reserve declining
"The importance of gold is slowly declining, but it doesn't mean it's not black and white, it doesn't disappear from one day to the other," Noyer said in testimony to the European Parliament's Economic and Monetary Committee.
"It is still part of the credibility of central banks and I see nowhere where it has been decided to... get rid of all gold," he added.
Noyer, who steps down from his post at the end of May, said decisions about the role of gold evolved very slowly. "We should not consider one day it was the centre of everything and the day thereafter it has no important at all," he said.
Noyer will be replaced in his role by ECB board member Lucas Papademos, currently governor of the central bank of Greece.
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