Stournaras: ECB must reduce rates four times within 2024
The European Central Bank must cut borrowing costs twice before the August summer break and another two times before the end of the year, without being influenced by the US Federal Reserve, according to ECB Governing Council member and governor of the Bank of Greece (BoG) Yannis Stournaras.
"It is appropriate to do two rate cuts before the summer holidays and four moves throughout the year seems reasonable. Insofar, I concur with the markets' expectations," he said.
"We need to start cutting rates soon so that our monetary policy doesn't become too restrictive," Stournaras told Bloomberg from London.
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