October 25, 2019 / 3:28 PM / 2 months ago

Low rates needed in face of uncertain outlook: ECB's Villeroy

FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau delivers a speech to open a conference in Paris, France, July 16, 2019. REUTERS/Philippe Wojazer/File Photo

PARIS (Reuters) - Monetary policy must remain loose in the face of the deteriorating global economic outlook and uncertain events like Britain’s departure from the European Union, ECB policymaker Francois Villeroy de Galhau said on Friday.

Villeroy, who is also governor of the French central bank, told the French insurers’ federation that he was not deaf to concerns about low interest rates, which hit insurers particularly hard, but still insisted low rates were warranted.

“This context of prolonged uncertainty requires accommodative monetary policy. It would not make sense to raise rates now,” Villeroy told the conference.

Reporting by Leigh Thomas; editing by Richard Lough

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