ECB’s Schnabel: The central bank is going to be there for as long as it is necessary

“The European Central Bank (ECB) is going to be there for as long as it is necessary,” the board member Isabel Schnabel said on Friday.

Key quotes 

We are going to look at all instruments.

There are reasons why we did not cut rates in the past.

Have to review those reasons again now.

ECB is facing a different situation than in March.

Have to discuss the intensity/pace of asset purchases.

Monetary policy cannot do it all alone, fiscal policy also still needed.

EUR/USD pushes higher to 1.1820, daily highs