ECB's de Guindos: We firmly believe that current interest rate level is appropriate

• If inflation developments deviate, or if projections are modified, and if transmission is not correct, then we may change
• But so far, we firmly believe that the level of interest rates is correct
• Services, wages are moving in the right direction
• Need to be very prudent and cautious in policy setting even though level of uncertainty has declined

He is just mainly reaffirming the status quo, in that the ECB will still not be changing anything on the policy front ahead of the turn of the year at least.