EU Bank official says current level of rates appropriate

Frankfurt: European Central Bank Governing Council member Jose Luis Escriva said he is satisfied with present settings for borrowing costs.

"What the ECB is communicating in its statements after each meeting, and we'll have one soon, is that as inflation is truly at the target, which is 2%, we think it's a good time to look ahead and consider the current level of interest rates appropriate," he told El Diario.

The ECB's next rate decision is on October 30, with policymakers widely expected to keep the deposit rate at 2% - where it has been since June. With inflation now comfortably at the ECB's 2% target, markets and economists don't expect another move at their final gathering of the year in December either.


Turning to Spain, Escriva highlighted his home country's economic achievement.