Austrian central bank Governor Klaus Liebscher Friday said the European Central Bank still has a neutral position on interest rates. "We will thoroughly evaluate all data at the next meeting, but currently we have a neutral position on rates," Liebscher said, speaking on the sidelines of a conference in Vienna. However, Liebscher said that strong money supply and credit growth don't support a loosening of monetary policy for the time being. Liebscher also dismissed calls from officials in some euro-zone countries to lower interest rates in order to spur Europe's economy. Interest rates, at historic lows, aren't standing in the way of growth in Europe, Liebscher said. "Calls for a rate cut are a distraction from the real problems," Liebscher said. Further structural reforms, deregulation, and liberalization are needed to support economic growth, he said. "Monetary policy isn't the right tool to solve economic problems," he added. He also warned that policy-makers shouldn't underestimate the acceleration of money supply growth. The most recent data available show that three-month annual average M3 growth, the broadest measure of money supply, was at 6.6% in the February to April period - well above the ECB's 4.5% reference value it considers in line with achieving price stability.