ECB, Noyer: the monetary policy would remain accomodative for as long as needed

ECB member Christian Noyer, who spoke today at a financial conference in Paris, saw downside risks to the Eurozone economy and reiterated that the ECB's monetary policy would remain accomodative for as long as needed. The forward guidance on rates, introduced by Mario Draghi last week, was consistent with the central bank's mandate.

Noyer referred to the situation on Italy, which saw its sovereign credit rating downgraded yesterday by Standard & Poor's to BBB, saying that this emphasized the need for stepping up structural reforms in the entire euro area. It's necessary to continue building a banking union to have a single supervisor and mechanisms for winding down failing banks, he added.

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