“The appreciation ofeuro is to some extent the sign of a comeback of confidence” and the ECB will “closely monitor” its impact on theinflation. In any case, "currency rates should reflect economic fundamentals, and current nominal and real rates are close to historical averages". So the level of exchange rates of the euro "is not a goal of monetary policy" of the Eurotower. This was stated by the president of the European Central Bank, Mario Draghi, in the press conference following the institution's Governing Council, who today confirmed the main interest rate in the Eurozone at an all-time low of 0,75%.
Draghi then added that "the data available continue to indicate weak economic activity", but there are premises for a recovery in the second half of 2013.
On growth prospects "the risks continue to prevail", said the governor, arguing that inflation "has continued to fall and is expected to fall below 2% in the coming months with balanced risks. The ECB's monetary policy remains accommodating and supportive of growth”.
As for the Montepaschi case, "the Bank of Italy did everything it had to do in an appropriate and timely manner", Draghi underlined again, citing the documents provided on the matter by Bank of Italy itself and by the International Monetary Fund.
Moreover, the number one of Eurotower recalled that "it was the Bank of Italy that provided the judiciary with the documents" on the basis of which the judicial investigations began. And in any case, the establishment of Via Nazionale "has no police powers".
