ECB's Kazaks: Countervailing Economic Forces Mean No Rush for Central Bank Action

Martin Kazaks, member of the ECB Executive Board, stated that countervailing forces within the global economy allow the central bank to analyze inflation dynamics at its own pace. Speaking from Bangkok at the IMF Annual Meeting, the Latvian central bank governor noted that rising oil and gas prices will push up consumer prices, while recent bond selling may soon drag on economic activity. Kazaks said: 'My assessment is that near-term upward pressure on inflation remains stronger. Therefore, the policy direction is clear; although there is no immediate urgency to raise rates, we are not behind the curve and are in a favorable position.' (Sina Finance)