ECB's Quaden Says Central Banks Need `Complete, Immediate' Data From Banks

European Central Bank Governing Council member Guy Quaden said central banks need to have “complete and immediate information” on financial institutions, L’Echo reported, citing an interview.

“The primary objective of monetary policy should remain price stability,” Quaden said, according to a preview of the interview posted on the newspaper’s website today. “Past experience also teaches us that price stability doesn’t guarantee financial stability,” he said, according to L’Echo.

“Central banks must take this aspect of the problem more into account,” the newspaper quoted Quaden as saying. Central banks “must have complete and immediate information on the situation prevailing at financial institutions.”

Quaden also said he doesn’t foresee a relapse into recession for the European economy, L’Echo reported. The complete interview will be published tomorrow, it said.

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