ECB Executive Board members speak with finance industry in private. Again!

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Thursday, 10 September 2015

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Some members of the European Central Bank Executive Board will speak with finance industry insiders at the Eurofi conference in Luxembourg this week.

Do ForexLive traders remember this?

A speech from ECB Governing Council member Benoit Coeure hit the newswires today and sent the euro more than 1.5% lower but an audience in London had them a day earlier.
Governments spend millions and fine banks billions over moving FX rates 3 pips at the fix and the idiots at the ECB deliver a speech that moves the euro 170 pips in private.

FFS ...

• Either the ECB has a very short memory (the prior debacle was only recently, in mid-May)
• Or, they are incompetent
• Or, they don't care about dispensing inside information
• Or, they are incompetent
• Or, they are incompetent (oh wait, I may have already said that)

Executive Board members Peter Praet, Yves Mersch, and Benoît Coeuré are all speaking
No media are invited, it's a private meeting.
Says the ECB:
"We're still reviewing our policy, which will be completed soon. In any case, we will make texts available where appropriate"
Clue.
Less.

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The only info I've seen from the conference from the ECB is pretty sparse