Vitor Constancio is Vice-President of the European Central Bank, speaking in NY:
- There are clear limits to the use of negative deposit facility rates as a policy instrument
- Monetary policy can only be one element of an encompassing policy mix
- Other policy domains, both at national and European level, have to step up to their responsibilities
EUR not doing a real lot since winding down in the NY afternoon.
Constancio following behind the Big D (Constancio is the one not wearing a skirt)
Full text of his speech is here: International headwinds and the effectiveness of Monetary Policy