ECB’s Kazaks says not in a rush to make a move on monetary policy

The European Central Bank (ECB) Governing Council member Martins Kazaks said on Wednesday that the central bank has ‘luxury’ to wait on interest rate rises.

Key quotes

Uncertainty arising from the Middle East conflict is very high.

But from the data that we currently see, there is no urgency to raise interest rates just yet.

We are not in a rush.

We still have the large luxury of collecting data and forming our view.

But if necessary, we will of course move.

The impact of the Middle East conflict on the real economy is only gradually feeding through.

We can afford to monitor what happens and then take the decision when we have the broader picture.

Market reaction

At the time of writing, the EUR/USD pair is up 0.10% on the day at 1.1755.