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- ECB's Schnabel: No sign of weakening in labour market
ECB's Schnabel: No sign of weakening in labour market
European Central Bank (ECB) Governing Council member Isabel Schnabel said on Monday that they have no real concern about financial stability risks but added that the situation is still fragile, as reported by Reuters.
Key takeaways
"No sign of weakening in labour market."
"Balance sheet is expected to decline meaningfully over the coming years."
"Balance sheet will not return to the levels seen before the global financial crisis."
"Our balance sheet should only be as large as necessary to ensure sufficient liquidity provision and effectively steer short-term interest rates."
"If the corridor is sufficiently narrow, the implied rate volatility from fluctuations in aggregate excess reserves may not be a first-order concern."
"Banks might want to hold much higher liquidity buffers than in the past."
Market reaction
EUR/USD clings to modest daily gains slightly below 1.0800 following these comments.
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