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ECB's Cœuré admits QE program less effective than expected

ECB Executive Board member Benoît Cœuré said externalshocks have made the central bank's quantitative easing program less effectivethan initially hoped for, Reuters reported Sept. 26.

Speaking the same day at a conference in Rome, Cœuré saidthe external factors include a sharp decline in commodity prices and Britain'sdecision to leave theEU.

"All these external shocks have blurred the transmissionof QE and made it less effective than we had foreseen initially," Cœuréreportedly said.