European Central Bank (ECB) policymaker Robert Holzmann said in a Reuters interview on Wednesday, “I have no in-principle objection to a June rate cut but want to see more supportive data.”
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Cutting rates out of sync with the Fed would diminish impact of policy easing.
Given weak productivity in Eurozone, 3.0% deposit rate may still prove too tight over longer term.
It’s possible that inflation may even do better than ECB projections.
ECB needs to stop subsidizing commercial banks and should cut interest payments on the piles of cash lenders got from the central bank on the cheap.
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