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EU needs long-term vision to address economy: Austrian central bank governor

Xinhua, January 22, 2015 Adjust font size:

Policymakers should adopt a long-term perspective on the market to tackle the EU's economic problems, Ewald Nowotny, the governor of the Austrian central bank, said Wednesday.

Nowotny, also a member of the governing council of the European Central Bank (ECB), added that inflation had fallen globally as a result of lower world crude prices, and said he does not expect a prolonged bout of deflation to hit the region.

He stressed that markets should not have high expectations over decisions which will be made by the ECB's governing council on Thursday.

The ECB on Thursday will meet to decide whether to adopt a policy of quantitative easing in order to boost the eurozone economy. Last September, the ECB lowered the lending rate to 0.05 per cent.

Nowotny said there would be little room left to lower interest rates, and suggested that the ECB had long-term measures to stabilize the market as there might be a risk of a decrease in liquidity in the region. Endit