On top of that, the fact that two major central banks in Japan and China are the two exceptional cases of loose monetary policies made our currency depreciate much more than expected in September before it started to stabilize recently.
The role of central banks  As I highlighted at the beginning of today’s speech, only structural measures can overcome the structural problems afflicting Europe’s banking sector. Monetary policy – and this is something I would like to be quite clear about – cannot resolve these structural problems in the financial sector, for we have neither the tools nor the mandate to do so.