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- European Central Bank Executive Board Member Benoit Coeure: the Eurozone is irreversible project
European Central Bank Executive Board Member Benoit Coeure: the Eurozone is irreversible project
The European Central Bank (ECB) Executive Board Member Benoit Coeure said on Thursday that the Eurozone is irreversible project.
"The exit of a member country would inevitably lead economic actors to wonder who would be next, with all the potential destabilising effects that such speculation could entail. The genie will not be put back in its bottle once and for all until it is clear that such a risk will not rear its head again," he said.
Coeure also said that low energy prices and an accommodative monetary policy alone will not be enough to boost the economic growth and to combat unemployment.
"Monetary policy can support growth but it cannot create it in a lasting way. And the effectiveness and legitimacy of euro area governance will not be increased by placing excessive demands on the central bank-quite the opposite," he said.
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