European Central Bank governing council member Kazaks: There is currently no need to further lower interest rates.

According to the Wise Finance APP, Martins Kazaks, a member of the European Central Bank's management board, stated that the ECB has entered a new phase of monetary policy where officials can focus on monitoring the economy rather than actively intervening to change its direction. Kazaks, speaking at the Federal Reserve's annual symposium in Jackson Hole, Wyoming, said that due to inflation being at the target level of 2% and recent data not showing significant changes in the outlook since the June quarter forecasts, there is currently no need for further interest rate cuts.