ECB must cut rates twice before summer break, Bank of Greece (BoG) Yannis Stournaras said in an interview with Bloomberg.
The European Central Bank must lower borrowing costs twice before its August summer break and another two times before the end of the year, without being swayed by the US Federal Reserve, he said.
“We need to start cutting rates soon so that our monetary policy does not become too restrictive,” Yannis Stournaras said.
He pointed out that more data will be available before the June meeting, providing a clearer picture of the economic situation.
Stournaras emphasized that he does not agree with the argument that interest rates cannot be cut before the Fed does.
The ECB is completely independent and the eurozone is a large open economy with a flexible exchange rate, he added.
