FRANKFURT, German (AP) ? A top European Central Bank official is warning about the side effects of ultra-low interest rates ? remarks that appear aimed at cooling heightened market expectations the bank will cut interest rates next week.
Joerg Asmussen says in a speech Thursday that very low rates can take the pressure off banks and governments to fix their financial problems ? and in any case are not being passed on by banks in the countries where low rates are most needed.
He said monetary policy "is not an all-purpose weapon for any kind of economic illness."
A run of disappointing economic news this week has fueled market expectations that the bank will cut rates from a record low of 0.75 percent as soon as May 2 to stimulate the sagging eurozone economy.
Source: http://news.yahoo.com/top-ecb-official-cautions-rate-cuts-costs-081113519--finance.html
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