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Eurozone economic data is weak, European Central Bank Governing Council: driven by data, even if it does not raise interest rates this month, it will not be blamed
European Central Bank Governing Council Stunaras said in an interview on Monday that all the evidence points to skepticism about further tightening, not only for the September meeting, but possibly even the July meeting. Stunaras insisted that the ECB has not unconditionally committed to raising interest rates in July and that any decision to raise rates should be based on careful scrutiny of new data, including evidence of softening in the real economy.
A rate hike in September “isn’t a sure thing at all, especially with data showing the economy stalled in the third quarter,” Stunaras said. “We won’t do it if it turns out it’s not necessary. There’s no sacred commitment. We’re data-driven. That’s what matters,” he said, insisting that if the ECB doesn’t increase its interest, and will not be easily accused of weakness.
