IMF’s Thomsen: ECB doing right thing by using all tools

IMF’s Thomsen came out in support of ECB today by saying that ECB is doing right thing by using all tools (negative rates, QE).

Key quotes

More urgency for EU to use structural reforms

Urgency to deal with EU downside growth risks

Very limited talks on Greece debt relief so far

Will take decisions only when policy, debt add up

Greece has had difficulty to sustain adjustment

Absent steps in 2016 will fall back to deficit

Greece must take steps 4.5%/GDP to hit 2018 goal

Not credible to sustain high surplus long term

Debt relief should be based on realistic targets