Member of the European Central Bank Governing Council (the monetary policy setting board at the Bank) and Bank of Spain governor Jose Luis Escriva spoke in an interview published Sunday by Spanish newspaper La Vanguardia.
He urged caution on setting policy, warning of current “extraordinary uncertainty”:
- “It’s very difficult to gauge the impact of events that are unfolding,”
- “It’s advisable to be cautious, especially from the point of view of monetary policy; wait for doubts around certain issues to be cleared, see how the different geopolitical dynamics are resolved.”
- ECB is approaching matters “meeting to meeting”
- There is no pre-established future path for interest rates
- European demand still showing some clear signs of weakness
ECB's Escriva
