ECB's Gonzalez-Paramo on global imbalances

In the speech 'Central banks and global imbalances: Introduction to the round table' given on 9 June Jose Manuel Gonzalez-Paramo of the ECB said the ECB takes account of the euro's exchange rate when it sets interest rates, but it is only one factor in the central bank's assessment on inflation risks.

"Regarding exchange rates, they are for us an indicator monitored under the economic pillar in our strategy. This means that the ECB does not react in any mechanical way to exchange rate changes

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