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ECB ready to cut rates or inject more funds
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The European Central Bank yesterday said it was ready to cut interest rates or pump more money into the eurozone economy if needed to bring money market rates down and help the zone’s “very, very green” recovery.
The ECB left its key interest rate flat at 0.5 percent, as expected by all 60 economists polled by Reuters.
But ECB President Mario Draghi said the policymaking Governing Council did discuss a possible rate reduction at its monthly meeting, partly due to concern about money market rates and the uncertain nature of the recovery.
“If money market developments were to be judged unwarranted in their impact on our assessment of medium-term inflation, then such an instrument should be considered,” he told a news conference, stressing that the ECB has a downward bias on rates.
“We stand ready to act,” he added.
The US dollar rose to a six-week peak against the euro after Draghi’s comments.
An ECB statement said the bank would remain “particularly attentive” to the implications of shrinking excess liquidity in the euro area on its monetary policy stance.
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