PARIS (Reuters) - The euro zone is "engulfed in a severe crisis" and the European Central Bank will keep an open mind and stand ready to act flexibly to new developments, ECB policymaker Benoit Coeure said on Wednesday.
Coeure's comments came after the ECB said last Thursday it would keep its interest rates at present or lower levels for an "extended period" - its first use of so-called forward guidance.
"We will keep an open mind and stand ready to react flexibly to new developments," Coeure said in the text of a speech for delivery at an international monetary seminar in Paris.
He added that if the conditions attached to its OMT bond-buy plan are fulfilled, the ECB is ready to intervene "with amounts unlimited ex-ante" with the program.
(Writing by Paul Carrel in Frankfurt)
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