No interest rates increases in Euro zone

(Photo: Maryna Pleshkun/shutterstock.com)

In his statement for Austrian radio, "Oe1, he explained that economic growth and inflation in Europe compared to USA “are much lower at the moment”.

"It is too early to think about increase of interest rates in Europe”, Novotny says after recent decision of USA to increase interest rates.

According to him, Europe is “in the stage of long-term low growth” and outlines that politics must try to compensate for weak economy development.

- Of course, monetary policy can play a role there – he outlined.