The member of the Governing Council of the European Central Bank (ECB), gabriel makhloufsaid on Thursday that it is realistic to expect central bank interest rates to be in positive territory early next year, Reuters reported.
“We have reached the point where we have to act on the Governing Council of the ECB,” Makhlouf said. He pushed actur to make a decision to end net asset purchases next month or in July.
Regarding inflation, the official said that the current level is worrying and explained that it is well above the medium-term objective of 2%.
“The era of negative rates is reaching its conclusion,” Makhlouf said, adding: “We continue to move towards normalization of monetary policy.”
Despite the comments, the euro had no impact and remained in negative territory against the dollar and the pound. EUR/USD is at a five-year low below 1.0450.
Source: Fx Street
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