ECB's Coeure: Recent measurable increase in long-term yields has not affected our monetary policy stance

Key highlights from welcome remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the annual meeting of the ECB’s Bond Market Contact Group, Frankfurt am Main, 16 May 2017:

• The recent measurable increase in long-term yields has not affected our monetary policy stance: current financial conditions remain highly supportive of the ongoing recovery
• Identifying the drivers of yield curve movements in real time is a challenging task
• We don’t want to over-interpret any uptick or downtick that we observe, but rather accept as a fact that some volatility is natural and healthy for the market to function
• I am convinced that clear and time-consistent communication on our part will avoid unwarranted volatility in financial markets and help preserve the financial conditions necessary for inflation to reach levels closer to 2% in the medium term