Nowotny Says Europe’s Good News Removes ECB Cut Motive
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European Central Bank Governing Council Member Ewald Nowotny said the recent “stream of good news” from the euro-area economy has removed any need to cut interest rates to a fresh record low.
“I would not see many arguments now for a rate cut,” Nowotny, who heads Austria’s central bank, said in an interview with Bloomberg Television in Jackson Hole, Wyoming, late yesterday. At the same time, he ruled out an early monetary tightening, saying “the most recent developments will have no immediate effects on the policy of the European Central Bank.”