ECB Planning Low-Rate Exit
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The European Central Bank is moving to exit the low interest rates and special liquidity measures it adopted during the financial crisis, and the bank will have "a basis for new decisions" at its next rate-setting meeting in June, ECB governing council member Ewald Nowotny said.
The euro zone's inflation rate has since risen further, to 2.8% in April from 2.7% in March, well above the ECB's target of close to but below 2%
"It was clear that the ECB would not take the decision" on a new rate rise before receiving new forecasts for the euro-zone economy, Mr. Nowotny said. The ECB is due to publish its biannual staff macroeconomic projections for the euro area in June.
The ECB council member said stronger-than-expected first-quarter growth of 0.8% in the euro zone "is definitely something that will enter into our discussions." Asked about further rate rises this year, Mr. Nowotny said strong growth coupled with higher inflation "could have some effect on interest-rate policy, so that further steps might follow."
Mr. Nowotny said the ECB isn't very likely to buy more government bonds in the near future. The central bank has bought bonds of peripheral euro-zone states worth €76 billion since May last year, but hasn't made any new purchases for the past seven weeks. "My personal view is that as far as possible we should not use [bond-buying] again," Mr. Nowotny said.
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