Trump election holds lessons for Europe: ECB's Coeure

November 11, 2016 1:13 AM EST

Benoit Coeure, member of the Executive Board of the European Central Bank (ECB), attends a Lamfalussy Lectures Conference in Budapest, Hungary February 1, 2016. REUTERS/Laszlo Balogh

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FRANKFURT (Reuters) - The election of Donald Trump is a major event with lessons for Europe but it is too early to determine if the European Central Bank needs to act to temper the ensuing market volatility, Executive Board member Benoit Coeure told a French newspaper.

"It holds a lesson for Europe: in a world where shocks are increasing, Europe must keep control of its destiny," Coeure told Le Progr├Ęs de Lyon on Friday. "For Europe to be strong in terms of defense and security, it must have a strong economy. And for the economy to be strong, reforms are needed in every country and the euro area must function better."

Coeure added that excessive market volatility must be avoided but for now, the euro zone recovery appeared to be gaining strength.

(Reporting by Balazs Koranyi; Editing by Clarence Fernandez)

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