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3/30/2017, 12:26 PM (Source: TeleTrader)
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Nowotny: ECB doesn't want premature rate hike

The European Central Bank's (ECB) Governing Council does not want to make the mistake of raising interest rates prematurely, its member and Governor of Austrian national bank Ewald Nowotny (pictured) said on Thursday.

Nowotny stated that the ECB's monetary policy for 2017 has largely been set and that there is no reason for the bank to depart from its strategy. He pointed out that the ECB's mandate is achieving and maintaining price stability, not stability of core inflation, adding that the effects of oil prices on inflation will shrink, and so will the gap between core and headline inflation. 

The rate-setter warned against over-interpreting monthly economic data in terms of its policy implications, and restated that the central bank does not target the foreign exchange rate.

Breaking the News / IB