September 16, 2019 / 8:20 AM / a month ago

ECB's De Cos urges progress towards European fiscal union

FILE PHOTO: European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany, March 7, 2018. REUTERS/Ralph Orlowski/File Photo

MADRID (Reuters) - Europe’s fiscal framework needs urgent improvement and the bloc should work towards union on it, European Central Bank policymaker Pablo Hernandez De Cos said on Monday.

“I strongly believe that a central fiscal capacity at euro area level could contribute (...) to macroeconomic stabilisation,” De Cos said at an event in Madrid.

“In this respect, monetary policy would not become overburdened, as it might be in the current economic juncture,” he added.

Facing a protracted growth slowdown, the European Central Bank cut rates deeper into negative territory on Thursday and relaunched fresh bond purchases with no scheduled end-date, a move that divided the normally collegial Governing Council.

Reporting by Jesus Aguado, writing by Isla Binnie; editing by Jesús Aguado

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