February 1, 2018 / 5:11 PM / a year ago

ECB's Nowotny believes asset purchases should stop now - OO Nachrichten

European Central Bank (ECB) Governing Council member Ewald Nowotny addresses a news conference in Vienna, Austria, March 30, 2017. REUTERS/Heinz-Peter Bader

VIENNA (Reuters) - European Central Bank rate-setter Ewald Nowotny believes the ECB’s asset purchase programme should be stopped now but a decision on the programme’s fate will only be reached by September, he said in comments published on Thursday.

“I make no secret of the fact that we are now in a situation where, from my point of view, we should end the bond buying programme,” he said in an interview with the Oberoesterreichische Nachrichten newspaper.

“This will then also bring a rise of long-term interest rates,” he added.

He pointed to the reduction of the volume of the current programme to a monthly 30 billion euros ($37.40 billion) in January, which will continue until September.

“By then a decision will have been made on what happens afterwards,” Nowotny said when asked when the ECB might change its low interest-rate policy and asset purchases.

Reporting By Shadia Nasralla, Francois Murphy; Editing by Catherine Evans

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