Published: Wed, 11 Feb 2009 13:50:28 +0100
ECB's Ordonez Says "Very Probable" Rates Will Come Down in March
"We can clearly keep cutting from 2% and it's very probable that in the next session we will cut," Ordonez told reporters in Zaragoza, Spain on Wednesday.
However, the central banker hesitated when asked whether the ECB could bring its refi rate to as low as zero. "At the moment, I wouldn't even consider it because we're still very far from that situation."
Ordonez, also the Governor of the Bank of Spain, warned that Spain needs to implement structural reforms to improve its productivity levels. "If we don't reform, we will probably grow in line with the EU average or even below it, breaking the convergence process with our main economic partners," he said.
Written by CEP News European Staff, eunews@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca
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