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ECB Rate Cuts Can’t Replace Economic Policy, Holzmann Says - BLOOMBERG
By Marton Eder
Reductions in borrowing costs by the European Central Bank are no substitute for sound economic policy, according to Governing Council member Robert Holzmann.
“Our job isn’t to directly influence the economy, in part as the impact is too broad but also as Europe isn’t facing issues related to the cycle but questions of industrial strategy,” Holzmann told reporters Tuesday in Vienna. “The orientation can’t be driven by rate policy, but by a clear strategy, policy and expenditure.”
