ECB’s Paret calls for decisive action

European Central Bank's (ECB), executive board member has called for decisive action from governing council saying that now is not the time for indecision and uncertainty regarding global economy should not lead that way.

He however added that in the past, even under uncertainty, ECB has always proven that it is willing and able to act at any event and that is the case today.

According to Mr. Paret, any potential action should be viewed in context to see whether the bank's price stability objective is under threat from downside risks. Without verifiable commitment to control inflation over a horizon, might lead to de-anchoring of inflation expectation.

Mr. Pare believes, under this spirit central bank should counter downside risks proactively to secure public's faith in monetary policy effectiveness.

Heading into December meeting, such a call coming from influential board member, clearly suggests ECB is preparing for next round of Bazooka.

Euro however, encountering bids today thanks to broad based weakness in Dollar. Euro is currently trading at 1.07 against Dollar.