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欧央行官员:未来降息不可操之过急 但也不能拖延 无需担心美联储

European Central Bank officials: future interest rate cuts should not be too hasty but should not be delayed either. No need to worry about the Federal Reserve.

cls.cn ·  Jun 11 20:01

① Villeroy believes that the ECB's next interest rate cut cannot be hastened or delayed, and there is no need to worry about the Federal Reserve; ② He said that the neutral interest rate between the ECB and the Federal Reserve may also be different. The latter may be about 1 percentage point higher. The neutral interest rate in the Eurozone is estimated to be 2%-2.5%.

Financial Services Association, June 11 (Editor Xia Junxiong) Although the ECB announced interest rate cuts last week, monetary policymakers in the Eurozone are generally cautious about the next steps. However, ECB Governing Council member and Bank of France Governor Villeroy's position is slightly different. He believes that the ECB's next interest rate cut cannot be hastened or delayed, and there is no need to worry about the Federal Reserve.

On Tuesday (June 11) local time, Villeroy said at the Paris Financial Forum: “Regarding the next rate cut, I call for 'pragmatic progressivism' in timing, that is, no haste or delay.”

Following the announcement of interest rate hikes and interest rate cuts of 25 basis points last week, the ECB's three key interest rates were lowered to 4.25%, 4.50%, and 3.75%, respectively, the main refinancing rate, marginal loan interest rate, and deposit mechanism interest rate.

Unlike some ECB officials, Villeroy is not worried that the Fed will cut interest rates too late. He said that the ECB should not worry too much about the impact of the difference in the timing of the first interest rate cut between the Federal Reserve and the ECB. The reason is that a possible strengthening of the US dollar will have little transmission effect on inflation, while higher long-term interest rates in the US will have an austerity effect.

Villeroy said, “Generally speaking, the monetary policy of the United States will not have much impact on the monetary policy of the Eurozone.”

He said that the neutral interest rate between the ECB and the Federal Reserve may also be different. The latter may be about 1 percentage point higher. The neutral interest rate in the Eurozone is estimated at 2%-2.5%.

“We have a lot of room to lower interest rates until we exit the restrictive level,” Villeroy said.

Two other ECB governing councilors also delivered speeches on Tuesday. Eurozone central bank presidents are all members of the ECB Governing Council.

Bank of Finland Governor Olli Rehn said that the ECB will not promise any interest rate path in advance.

Bank of Lithuania Governor Gediminas Simkus said that the ECB's battle to quell inflation is still not over, and it is still too early to announce victory.

The translation is provided by third-party software.


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