ECB Executive Board members speak with finance industry in private. Again!

Author: Eamonn Sheridan | Category: Central Banks

Some members of the European Central Bank Executive Board will speak with finance industry insiders at the Eurofi conference in Luxembourg this week.

Do ForexLive traders remember this?

A speech from ECB Governing Council member Benoit Coeure hit the newswires today and sent the euro more than 1.5% lower but an audience in London had them a day earlier.

Governments spend millions and fine banks billions over moving FX rates 3 pips at the fix and the idiots at the ECB deliver a speech that moves the euro 170 pips in private.

FFS ...

  • Either the ECB has a very short memory (the prior debacle was only recently, in mid-May)
  • Or, they are incompetent
  • Or, they don't care about dispensing inside information
  • Or, they are incompetent
  • Or, they are incompetent (oh wait, I may have already said that)

Executive Board members Peter Praet, Yves Mersch, and Benoît Coeuré are all speaking

No media are invited, it's a private meeting.

Says the ECB:

"We're still reviewing our policy, which will be completed soon. In any case, we will make texts available where appropriate"

Clue.

Less.

More at the Wall Street Journal article (may be gated)

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The only info I've seen from the conference from the ECB is pretty sparse

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