Noyer trumpets Eurosystem response to crisis


Christian Noyer, the Banque de France governor, insisted the Eurosystem has provided "concrete and often crucial" responses to the euro area crisis.

Speaking in Tokyo on December 3, Noyer said the area has redesigned its policy measures from both a qualitative and quantitative point of view. On one hand, Noyer said, it has created new instruments, and on the other, the size of its balance sheet has trebled since the start of the crisis.

Beyond interest rates, the instruments have expanded into

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