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.”
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