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- ECB governing council member Villeroy: monetary policy cannot perform miracles
ECB governing council member Villeroy: monetary policy cannot perform miracles
Monetary policy cannot do everything, cannot repair protectionist damage
It also cannot replace reforms, fiscal policy
Monetary policy is guided by central bank mandate, not targeting exchange rate
ECB is data dependent, not market dependent
That means not relying too exclusively on market-based inflation expectations
Will assess economic data at meeting next week
ECB will act accordingly if and when is needed
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