ECB's de Guindos: Monetary policy cannot be the only tool to revive the economy
Comments by ECB vice president, Luis de Guindos
- Economic risks are tilted to the downside
- Core inflation in the euro area is still muted
- Says Q4 growth may be similar to what we're seeing in Q3
The ECB is continuing to reiterate calls for fiscal policy to help out in dealing with the slowdown in the economy. de Guindos also adds that as long as inflation does not converge to the central bank's target, interest rates will not rise.
In short, rates are going to stay negative for a really, really long time.