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It can be argued that devaluation is an unintended indirect consequence of QE - as opposed to the direct maintenance of a currency cap or peg - as the Swiss did until recently - through buying and selling Euros. So this seems a Treaty obligation more honoured in the breach.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Wed Jan 28th, 2015 at 07:26:49 AM EST
But given the limited (at best) direct economic effects of QE, the (foreseeable, and anticipated by the market) depressed exchange rate seems to be the main benefit to the EU. Hard to get away with "unintended consequence".

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Wed Jan 28th, 2015 at 01:18:29 PM EST
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No the main effect of QE is to increase credit availability and reduce retail interest rates - currency devaluation is an indirect effect - certainly compared to the explicit currency cap operated by the Swiss National Bank - who btw are also an IMF Treaty signatory

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Jan 29th, 2015 at 10:36:48 AM EST
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