The euro may be weak, but that’s manna from heaven for exporters
10th April 2015 By: Ranko Berich
ECB Press Conference – 10/04/15
With Mario Draghi’s quantitative easing programme performing exactly as advertised, the ECB’s press conference looks likely to be something of a victory lap.
Interest rates are down, lending and business confidence are up, and the euro has been completely destroyed. Draghi will be quick to insist that weakening the euro was not a goal of monetary policy, but it’s nothing short of manna from heaven for European exporters, and the ECB’s policies are largely responsible.
Tough political questions about Greece and the provision of liquidity to its banks are likely to be raised, but Draghi has proved his skill in front of the press before. We can expect another piece of media manoeuvring from the ECB president, asserting that the central bank stick to the rules in its dealing with Greek banks and debt, while signalling the solutions that he wants to see.