‘Efficient’ ECB needs countries’ support

French finance minister Michel Sapin said the European Central Bank has been "fast and efficient" with policies that have helped weaken the euro and now need reinforcing measures from governments.

“It really has the right policy,” Sapin said in an interview in Washington yesterday. “It’s had an effect on the value of our currency; now the liquidity provided needs to feed into our economies, and that can only happen progressively.”

The euro dropped from a 2½-year high in May as officials unveiled stimulus measures, and consolidated below $1.30 when ECB president Mario Draghi cut rates and signalled a desire to grow the ECB’s balance sheet. The region has re-emerged as the main concern of officials worldwide after its economy stalled in the second quarter and inflation slowed to the weakest in almost five years.