ECB’s Kazāks: Won’t Keep Interest Rates Elevated a Minute Longer Than Necessary

8 November 2023

By David Barwick – RIGA (Econostream) – The European Central Bank Governing Council member Mārtiņš Kazāks on Wednesday suggested that interest rates would be reduced as soon as it became appropriate to do so.

In a panel discussion during the annual conference of Latvijas Banka, which he heads, Kazāks said, ‘Of course, it’s not over yet. That’s the reason why we are holding onto the rates at the current level, given the uncertainty’.

‘We cannot exclude the possibility that further rate increases might be necessary’, he continued. ‘But we simply don’t know … so we will do the best we can … we will not hold the rates at very high levels a minute longer than necessary.'