Liikanen: 'Unanimous' ECB will expand arsenal if necessary

Should it become necessary to further address risks of "too prolonged a period of low inflation" in the eurozone, the European Central Bank (ECB) has underlined that it is "unanimous in its commitment to using additional unconventional instruments", Bank of Finland governor Erkki Liikanen said today in a speech in Helsinki.

Liikanen also said expanding the range of the ECB's monetary policy instruments underlines the importance of open decision-making, adding that "publication of the accounts of monetary policy discussions will make it easier for citizens and markets to deepen their understanding about" the ECB's decision-making.

He noted that growth forecasts do not hold out any hope of a strong recovery and that monetary policy alone cannot revive growth. "In the current crisis, the countries that have progressed furthest with structural reforms to improve the functioning of their product and labour markets have achieved the highest growth figures," said Liikanen.