May 16, 2019 / 6:09 PM / 3 months ago

Rising services share behind slower euro zone inflation pick up: Coeure

FRANKFURT, May 16 (Reuters) - The growing share of the services sector in the euro zone economy is the culprit behind the slower transmission of monetary policy but the impact of ultra-low borrowing costs has not declined, ECB board member Benoit Coeure said on Thursday.

“Services deepening implies that monetary policy takes more time to be transmitted to inflation, but its effectiveness has not diminished,” Coeure said in Geneva. “The effects of monetary policy take longer to pass through the economy but they have not become less powerful.” (Reporting by Balazs Koranyi; Editing by Toby Chopra)

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