# Benoît Cœuré: The international dimension of the European Central Bank's asset purchase programme - an update

> ECB Executive Board member Benoît Cœuré's speech examines how ECB asset purchases have driven capital outflows from the euro area into the United States. He notes that divergent monetary policy cycles have historically preceded abrupt reversals in cross-border capital flows.

- Date: 2018-10-30 · published 2018-10-30T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/62756-benoit-c-ure-the-international-dimension-of-the-european-central-bank-s-asset
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Capital flows that support the dollar can strengthen the U.S. currency and tighten conditions for dollar-priced commodities, though the link to near-term feed prices is indirect.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2022-02-19 | [End of European Central Bank’s reign as dovish bastion likely to spark rebound for euro \| The National](https://feedsoft.ai/events/42902-end-of-european-central-bank-s-reign-as-dovish-bastion-likely-to-spark-rebound.md) | -0.9% | -2.5% |
| EURUSD | 2020-03-19 | [ECB asset purchase programme boosts Euro \| Coronavirus \| The Guardian](https://feedsoft.ai/events/54325-ecb-asset-purchase-programme-boosts-euro-coronavirus-the-guardian.md) | +0.0% | +0.7% |
| EURUSD | 2017-10-26 | [European Central Bank to scale back massive economic stimulus programme from next year \| The Independent \| The Independent](https://feedsoft.ai/events/68673-european-central-bank-to-scale-back-massive-economic-stimulus-programme-from.md) | -1.6% | +1.1% |
| EURUSD | 2026-04-30 | [European Central Bank keeps rates on hold as inflation jumps](https://feedsoft.ai/events/19941-european-central-bank-keeps-rates-on-hold-as-inflation-jumps.md) | +0.5% | -0.4% |
| EURUSD | 2018-04-12 | [Euro in Danger as Strength Now a Pressing Issue for the European Central Bank](https://feedsoft.ai/events/65729-euro-in-danger-as-strength-now-a-pressing-issue-for-the-european-central-bank.md) | -0.0% | -4.3% |

## Sources

- bis.org: https://www.bis.org/review/r181030e.htm

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.