22 October 2003, 09:19  ECB's Issing - interest rates low enough for growth

BERLIN, Oct 22 - European Central Bank Chief Economist Otmar Issing was reported on Wednesday as saying current interest rate levels were at their lowest since World War Two and had created an environment for far stronger growth. "Monetary policy has created the conditions for very much stronger growth," Issing told German magazine Focus Money in an interview. "Interest rates, both in real and nominal terms, are lower than they have been at any time since World War Two." Focus Money released a summary of the interview ahead of publication later this week. The comments are in line with recent remarks by ECB officials saying interest rates are low enough to support an economic recovery. The bank left its key interest rate unchanged at 2.00 percent on October 2. Issing said last week that the euro zone's economic recovery was fragile but should gain strength next year.//

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