‘No euro target’ for ECB

Klöckers, keynote speaker at the event held in London on November 25--26, noted that the ECB’s primary objective is to safeguard price stability in the eurozone. Its strategy to achieve that objective is to maintain HICP [Harmonised Index of Consumer Prices] inflation below 2% in the medium term.

"Given the explicit focus on a domestic price index, it follows that the ECB has no target level for the exchange rate of the euro," Klöckers told delegates. "The exchange rate is not an instrument