ECB Novotny advocates raising interest rates as soon as possible

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Novotny, member of the European Central Bank's Governing Committee and President of the Austrian Central Bank, said on Friday that the central bank had reached its inflation target and should raise key interest rates as soon as possible to challenge the cautious position expressed by other central bank officials.


Nevertheless, the always outspoken policy hawk Novotny expressed different views, saying that market expectations were inconsistent with the central bank's policy guidelines. The market believes that the ECB will not raise deposit rates until 2020.


His comments indicate that there are differences of opinion within the ECB's governing committee. Some policymakers have urged Draghi to be more cautious about his economic outlook than he eventually did on Thursday.

"Personally, I think that negative interest rates, especially, should be reconsidered when economic conditions permit," Novotny said at a press conference.



"This is also a particularity of the ECB. The United States has never had negative interest rates, "he said.



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The European Central Bank has said it will keep interest rates at their current record low until at least the end of next summer, but the money market is not expected to raise interest rates until 2020.



Luis de Guindos, the vice president of the European Central Bank, earlier said in Frankfurt that investors expected the central bank to raise interest rates in September or October, but he was cautious in saying that the ECB should leave options open.



"When you're in a dark room, you have to be very careful. The more options available, the better," Dekindos said at the meeting.



The ECB's monetary policy will remain flexible in the face of uncertainties, ECB Governing Council member and President of the French Central Bank Villerouvard Gallo said later Thursday.


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