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ECB’s Nowotny Says Spanish Measures Will Help Calm Markets

European Central Bank Governing Council member Ewald Nowotny said Spain’s additional budget cuts will help to calm investors.

“The Spanish government is taking the necessary steps which will contribute to help calm the markets,” Nowotny told reporters in Vienna today.

Prime Minister Mariano Rajoy unexpectedly announced the 10 billion-euro package yesterday, less than two weeks after unveiling the most austere budget in more than three decades. Rajoy is targeting basic public services for the first time since his election in December in a bid to convince investors he can bring order to the nation’s finances and avert a bailout.

Asked if the ECB would consider a third three-year loan, Nowotny said that “while you can never rule anything out in financial markets,” he does not “see any need at this point in time.”

Nowotny also said it was too early to speculate about the ECB unwinding its crisis measures.

“Whenever we start a new action we also at the same time have in mind how to exit it,” he said. “For the immediate time being I do not see a need to go into further details.”

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