ECB member Bini Smaghi sees variable growth-paper

MILAN, Nov 8 (Reuters) - Economic growth will become more variable after a stronger than expected rebound in the last two quarters of the year, European Central Bank Executive Board member Lorenzo Bini Smaghi said in a newspaper interview.

"The recovery has started. But it will still take a lot of time to go back to pre-crisis levels," he said in an interview in La Repubblica newspaper.

Asked how long it will take, he said: "It will depend on the capacity of each country. And it will be an alternate rhythm. We will have a stronger than expected rebound in the last two quarters. But then growth will become more progressive with variability."

"Prudence and rigour are needed in this very delicate phase of the economy," he said.

Bini Smaghi said markets were nervous and volatile.

"Low interest rates are pushing some operators to speculative moves that are not sustainable and bring to the implosion of mini bubbles," he said.

Bini Smaghi also said he did not agree with British Prime Minister Gordon Brown's proposal for a global tax on bank transactions, calling the proposal too generic.

On Saturday U.S. Treasury Secretary Timothy Geithner and Canada's finance minister also expressed doubts about Brown's proposal. [ID:nN07223447] (Reporting by Danilo Masoni; Editing by Greg Mahlich)