MALAGA, Spain (MNI) – The European Central Bank has started to
normalize its monetary policy but at this point official interest rates
remain very accommodative, ECB Executive Board member Jose Manuel
Gonzalez-Paramo said Monday.
Speaking at the university here in a ceremony granting him an
honorary doctorate, Gonzalez-Paramo indicated that the crisis was far
from over.
The ECB has started to raise borrowing costs to a more normal
level, he said, “despite which, short-term interest rates continue to be
very accommodative,” he said.
“Despite the signs of recovery, the crisis is continuing and its
end will not occur soon,” he predicted.
–Frankfurt bureau tel.: +49-69-720142. Email: dbarwick@marketnews.com
[TOPICS: MT$$$$,M$$EC$,M$X$$$,M$$CR$,MGX$$$]
