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Financial News: ECB's Holzmann Says Rate Cut Not Needed To

ECB's Holzmann Says Rate Cut Not Needed To Support Economy Amid Virus Spread

03/03/2020 - 09:14:00 (RTTNews)

(RTTNews) - An interest rate cut is not required to support the euro area economy amid the coronavirus outbreak, but policymakers could consider long-term loans at ultra low rates, European Central Bank Governing Council member Robert Holzmann, who heads the Austrian central bank, said Tuesday.

Regarding targeted long-term loans called TLTROs, Holzmann said, "This is definitely an area which will be under consideration, but as of now I don't think there is an urgency to move there."

Late Monday, ECB President Christine Lagarde said in a statement that the bank stands ready to take "appropriate and targeted measures" to support the economy and financial markets amid the spread of the COVID19.

Major central banks such as the Bank of Japan have already announced willingness to act if warranted as economic activity is hurt by the virus outbreak that started in China late last year. The next ECB policy decision announcement is due on March 12.

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