“We Stand Ready To Act” said Draghi at Another Surprise Speech

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“In short, the ECB has been very active in responding to the crisis,” Draghi said to committees in the French lower house of parliament. “And we stand ready to act again when needed.”

This could be the European Central Bank’s (ECB) way of assuring people that they are not planning to taper their stimulus like the Federal Reserve.

“Monetary policy cannot create real economic growth,” he added. “If growth is stalling because the economy is not producing enough or because firms have lost competitiveness, this is beyond the power of the central bank to fix.” – Mario Draghi, European Central Bank President

Today’s Speech in Short

-Monetary policy is not enough to fix the Eurozone crisis
-The ECB is ready to “act” if need (more stimulus?)
-It is up to governments and economies to grow, there’s only so much monetary policy can do
-The Eurozone is still dealing with many challenges

The Euro’s Value

Will the Euro continue to get weaker? Since early this morning the Euro has continued to show weakness in the market.

Sources:
http://www.ft.com/cms/s/0/d094c7e8-de4a-11e2-b990-00144feab7de.html#axzz2XK8wbJ3u

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