FRANKFURT, Germany - The European Central Bank is "ready to act" to rein in the euro as it rises against the dollar, a member of the ECB's executive board told AFP.
FRANKFURT, Germany - The European Central Bank is "ready to act" to rein in the euro as it rises against the dollar, a member of the ECB's executive board told AFP.
Previously the only female in a five-strong economic panel advising Chancellor Angela Merkel's government before joining the Frankfurt-based institution, Schnabel has found herself having to defend the ECB's ultra-loose monetary policies to her compatriots, a nation of savers who have lost out on interest as the bank keeps its rates in negative territory.
While the move appears to be at odds with what German savers have been calling for, Schnabel told AFP that the ECB may well be forced to take further action, this time because of a strengthening euro. Highlighting how far away the goal is, eurozone inflation even turned negative in August for the first time in four years, coming in at -0.2 percent.
Yet the challenges facing the ECB are numerous -- including unemployment which has climbed steadily as the pandemic has devastated large swathes of the economy.
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