Alfredo Perez Rubalcaba, the Socialist candidate in Spain’s general election and former deputy prime minister, called on the European Central Bank to cut interest rates to boost growth in the single currency area’s most-troubled economies, El Pais reported.
“There will be no way out of the immense black hole in which the Spanish and European economies find themselves without changing the orientation of the common monetary policy,” the newspaper cited Rubalcaba as saying in an interview. Policymakers are summoning “the ghost of inflation to justify a monetary policy that is not even capable of using the slim margin for action that it has.”
Rubalcaba is set to lose the Nov. 20 vote to opposition leader Mariano Rajoy, according to opinion polls.
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