ECB's rates forward welcomed by EU's Rehn
July 7 , 2013
The European Central Bank welcomed the EU's top economic official and said the move was needed to preserve the recovery of the bloc's economy.
The ECB had abandoned its own insistence that it never offered forward guidance on policy and had thus responded to turbulence caused by the U.S. Federal Reserve's planned withdrawal of monetary stimulus.
Olli Rehn told an economists' conference that in his opinion, this is a justified divergence with the US action due to different economic cycles and that while the orientation of economic policies in the country could become more restrictive, it remains more accommodating in the euro zone with good reason.