Coene Says Further ECB Action for Spain Now Risks Credibility
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European Central Bank Governing Council member Luc Coene said immediate further measures to quell financial turmoil in Spain risk stretching the credibility of the bank’s monetary policy.
“We have done what we can do so far within our mandate and within the possibilities we have,” Coene told Bloomberg News in an interview yesterday in Washington. “The only thing we could do is overstretch ourselves and then we would even lose the credibility we have at that moment.”