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ECB's Nowotny Highlights Growth Concerns, Heightening Expectations for a Rate Cut
Monday, 06 October 2008 08:38:26 GMT
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More indications that the ECB is preparing for a rate cut as Austria's central bank head Nowotny said that the "focus is now on reviving growth". Nowotny said "the rate of inflation is still above the ECB's target rate", but added that "it clearly has a declining tendency" and that "unfortunately we also see the tendency that economic growth is slowing down significantly". Nowotny added that "those are certainly all aspects which lead you to think about the options you have, and to think about when monetary policy should switch towards a more expansive direction again." The ECB already admitted that a rate cut was discussed at last week's meeting and it seems a rate cut is now only a matter of time.
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