ECB's Coeure: ECB policy has been effective

The European Central Bank's (ECB) monetary policy has been effective, ECB policymaker Benoit Coeure said on Tuesday.

"Without our policy actions, euro area real GDP would have been up to 2.7 percentage points lower at the end of last year, and inflation would have been up to half a percentage point lower every year over the past four years," Coeure further elaborated. "Central banks may have to navigate in a low-growth, low-inflation environment with the risk of repeatedly failing to deliver inflation in line with their aim."

Regarding the ECB's inflation target, Coeure argued that it would be wrong to lower the target rate.

The shared currency largely ignored these remarks and the EUR/USD pair was last seen trading at 1.1135, down 0.12% on a daily basis.