Central Banks

Saturday, April 21, 2012 - 18:42

ECB Noyer: Mon Policy To Remain Unconventional For Some Time


WASHINGTON (MNI) - Monetary policy will likely remain unconventional for some time but there should be no doubt at all action is being geared towards price stability, European Central Bank Governing Council member Christian Noyer said Saturday.

"Monetary policy will likely for some time rely on a diversity of instruments," Noyer said during a panel discussion organized by the Bank of France, which he heads, at the IMF-World Bank spring meetings.

Noyer said that in this "complex situation" it is essential that there is a "clarity on the objectives" of central bank action. "There should be no ambiguity about the reason why they have been doing so and there should be no doubt about their commitment to price stability, he said.

Should they lose that anchor [on expectations], they would also lose any ability to intervene and the world would become an even more dangerous place.

--Frankfurt newsroom +49 69 72 01 42; e-mail frankfurt@marketnews.com

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