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ECB's Coeure : Crisis to Blame for Low Rates, not ECB -Report

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11/11/2013 | 03:34am EDT

Euro-zone interest rates are low because of the recent recession and the fragmentation of the region's financial market, and it's not fair to blame the European Central Bank for them, says executive board member Benoit Coeure in an opinion piece published Monday in Handelsblatt.

Complaints that the ECB's policy favors debtors over savers are becoming ever louder, he writes in the comment for the German daily.

"In countries such as Germany, there is even talk of a 'cold expropriation' of those who put aside money for their retirement," the ECB executive notes.

In Coeure's view, however, rates for long-term investments which are deemed safe are more important for German savers than the ECB's short-term rates. Ten-year German government bonds provide a yield of about 1.76% and the main reason for this is that investors favor investments which they regard as particularly safe, he says, according to Handelsblatt.

Article website: www.handelsblatt.com/politik/konjunktur/geldpolitik/benoit-coeure-sparer-sind-nicht-die-verlierer-der-geldpolitik/9056324.html

Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com

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