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ECB's Praet: Central Banks observing Fed moves

FXStreet (Łódź) - Speaking in Berlin on Monday ECB Executive Board member Peter Prate said that the US monetary policy decisions were closely followed by other central banks as they have to take them into account when shaping their own policies.

"The ECB was very conscious about the potential shift in US monetary policy and the potential divergences between the US and the euro area," Praet stressed. "That’s why we started to communicate very much that the policy path is absolutely not the same."

The ECB lawmaker also commented on the weakening of the euro which he attributes to economic fundamentals and stressed that there were no attempts made to talk down the common currency. The exchange rate affects Eurozone inflation, he added.

Furthermore, Praet pointed to the need for stronger international organizations which could effectively deal with major economic shocks. He suggested that the IMF should avoid being influenced by politics so much.

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