ECB's Coeure: QE has successfully boosted economic growth and inflation prospects

Key highlights from the presentation by Benoît Cœuré, Member of the Executive Board of the ECB, at the Foreign Exchange Contact Group meeting, 11 July 2017:

• QE has successfully boosted economic growth and inflation prospects
• QE has clearly caused spillover effects on other countries via capital flows and relative asset price movements
• Currency depreciation is a side-effect of policy and neither its main transmission channel, nor its objective
• The view that asset purchase programmes in large advanced economies have encouraged harmful currency wars is misleading
• The world of monetary policy is not an arena where central banks engage and compete for advantage