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

Weaker euro not the objective of ECB policy: Coeure

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.

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. REUTERS/Kai Pfaffenbach

“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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