Robert Holzmann is Governor of Austria’s central bank and a European Central Bank Governing Council member.
He spoke on Friday, basking in the glory of Thursday’s ECB rate cut:
He spoke later on the same day, taking a hard stance:
- “It isn’t the job of the ECB to boost the economy, the job of the ECB is price stability,”
- “To lower rates now to crank up the economy would run contrary to our stance.”
Holzmann is one of the most hawkish ECB Governing Council members. So he wasn’t just being grumpy.
Regardless, there will be plenty more ECB rate cuts to come in 2025.