ECB should focus on rate policy over balance sheet cut, Centeno says

ECB should focus on rate policy over balance sheet cut, Centeno says By Reuters

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(C) Reuters. FILE PHOTO: Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) – The European Central Bank should focus on interest rate policy over balance sheet operations as its deposit rate is still far from the so-called neutral rate, the bank’s intermediate goal, Portuguese central bank chief Mario Centeno told Bloomberg TV.

“Right now frontloading other debates may in my opinion have a destabilising effect that we really need to avoid,” Centeno said when asked if it was time to discuss quantitative tightening. “We have a path towards normalisation of monetary policy and that’s the focus right now.”

ECB should focus on rate policy over balance sheet cut, Centeno says

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