Until inflation comes sustainably close to 2%, the ECB will continue to intervene in the financial markets, with the attendant risks such as rapid asset price increases and the disadvantage of low returns for pension funds. The sharp depreciation of the euro is another side effect. Does Constâncio think that will result in a global currency war?
“Exchange rates reflect the economic situation in the various countries. The US economy, for example, is in a completely different phase of the business cycle than Europe. That explains  BIS central bankers’ speeches  1  why monetary policy here is not the same as in the United States.