ECB's Nowotny: ECB unlikely to raise rates until 2016

FXStreet (Bali) - ECB governing council member Mr. Nowotny spoke in an interview with Austria’s Krone newspaper over the weekend, noting that the ECB is unlikely to raise interest rates from current record lows until 2016, time when he expects the Eurozone economic recovery to gather stronger pace.

According to Nowotny, "rates will turn as soon as there is clear growth, so more than 2%, but from today’s perspective that will hardly be before 2016", also adding that "in a weak economy and rising unemployment, it is the ECB’s task to create incentives for investments, which stimulate the economy."