Bank of Greece Governor Yannis Stournaras said on Wednesday he did not favor a reduction in interest rates by the European Central Bank at its meeting in December.
Stournaras, who participates in ECB board of directors sessions, said that the European economy is “at a balanced point right now. Why cut interest rates? This is the question. If inflation continues to recede, then we can think about it.”
The central banker explained that despite most arguments indicating a drop in inflation and growth rates, there is no need to rush to a decision for a reduction at the ECB’s next session in December.