ECB's Asmussen defends 'unorthodox measures' in pursuit of 'orthodox objectives'


When talking about 'unorthodox' monetary policies, a clear distinction must be made between objectives and the instruments, European Central bank (ECB) executive board member Jörg Asmussen said in a speech yesterday.

"The ECB pursues price stability, defined as positive inflation rates below 2%" – an "orthodox prescription" that the central bank has "clearly followed", Asmussen argued.

With regards to the toolkit used to meet that objective, "the ECB – like many other central banks – has indeed

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