By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Tuesday that interest rates were not yet in restrictive territory.

Speaking at an event organized by Spanish newspaper Expansión in Madrid, Escrivá, who heads the Banco de España, said that the persistent rise in global bond yields and high energy prices were among the concerns for policymakers.

He said interest rates were not yet high enough to restrain economic growth, but that rising yields could put upward pressure on rates, while high energy prices could trigger second-round effects on inflation.