UBS CEO Praises Pragmatic ECB Rate Cut

The European Central Bank (ECB) took a “pragmatic and realistic” approach to the euro zone’s economic problems when it cut interest rates last week, the CEO of UBS Sergio Ermotti told CNBC.

Speaking at the Swiss bank’s European Conference in London, Ermotti stressed that more was needed to address the region’s economic issues.

“I think the ECB took a very pragmatic and realistic approach to the situation in Europe, strongly addressing this through the cut in rates. And I do think probably more is necessary to stimulate the economy,” he said.

“I don’t think this issue is only an issue for the ECB to handle. I do really think policymakers need to go through and address structural reforms in Europe… it’s not just the ECB that can fix all the problems of Europe.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza