ECB needs to have a global outlook

"The high, and possibly increasing, level of real and financial interdependence among the world's economies introduces new elements into monetary policy strategies," Moutot said at the FX Week Europe conference on November 13.

That the recent bursting of the real estate bubble was accompanied by a substantial reduction of the US current account deficit offered, Moutot said, "further evidence that monetary policy, while responsible for domestic price stability, must give increasing attention to