ECB’s Cœuré justifies use of non-standard policy measures
The "threat to the viability" of the interest rate channel as a result of the financial crisis forced the central banks to pursue non-standard measures, Benoît Cœuré, a member of the European Central Bank's (ECB) executive board said today (September 20).
In a speech at Sciences Po in Paris, Cœuré said a sudden demand for liquidity following the collapse of Lehman Brothers impaired the operation of markets, making banks reluctant to lend and therefore rendering the ECB's policy rate changes
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