The European Central Bank has room to cut interest rates because inflation is falling and the euro zone economy is contracting, Governing Council member Ewald Nowotny was quoted on Thursday as saying.
"We have to assume that there will be another downward revision" of the
ECB staff growth forecasts, and also that inflation would fall below 2 percent,
he was quoted as saying in a statement by Austria's Chamber of Commerce.
"This also means that the ECB has room again to cut interest rates," he
was quoted as saying in the statement, which was issued after a meeting of the Chamber at which Nowotny spoke.
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