31 January 2001, 14:53 Buba's Reckers sees no need for ECB rate cut
FRANKFURT (AFX) - Bundesbank Central Council member and president
of the Hesse central bank Hans Reckers said he sees "no need in the
foreseeable future" for a cut in interest rates by the European Central
Bank.
In an interview with Focus Money magazine, Reckers said that
interest rate policy should be directed towards monetary stability.
Turning to general economic growth, Reckers said there was "a
slight weakening in Germany and the euro zone, but still altogether a
robust growth."
He also said the European Central Bank's inflation and M3 money
supply indicators are currently exceeding their targets: inflation is
at 2.6 pct instead of 2 pct, and M3 money supply growth at 4.9 pct
instead of 4.5.
"When these targets have been exceeded, this means the whole range
of data which informs monetary policy is then different," he said.
© 1999-2024 Forex EuroClub
All rights reserved