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The European Central Bank currently has no plans to raise interest rates as there is no imminent risks of inflation and it would withdraw emergency support measures gradually, Governing Council member Guy Quaden said Wednesday.
There is "no reason to raise interest rates at the moment," Quaden said in Brussels. "We don't see any risks for the moment."
The central bank has kept its interest rate at a record low of 1% since May 2009 to support the economy in battling a severe downturn. The bank also injected billions of euros to maintain liquidity in the region's banking system.
With regard to wiping out emergency measures, Quaden, who also heads the National Bank of Belgium, said a gradual approach would be the best. He noted that a delayed withdrawal may bring negative consequences. According to the central banker, the Eurozone recovery is fragile as it was led by huge fiscal stimuli and unemployment would keep rising as firms continue to suffer.
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