July 11, 2017 / 12:23 PM / a month ago

Weaker euro not the objective of ECB policy: Coeure

FILE PHOTO - Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017.Kai Pfaffenbach

FRANKFURT (Reuters) - A weaker euro is neither a means nor a goal of the massive bond purchases carried out by the European Central Bank for the past 2-1/2 years, ECB director Benoit Coeure said on Tuesday.

"Currency depreciation is a side-effect of policy and neither its main transmission channel, nor its objective," Coeure told an audience of bankers on the ECB's foreign exchange contact group.

Reporting By Francesco Canepa; Editing by Andrew Heavens

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