September 23, 2016 / 7:36 AM / a year ago

ECB's Villeroy says nominal rates are close to bottom

FRANKFURT, Sept 23 (Reuters) - European Central Bank interest rates are probably close to their low point but they will stay low for a long time and the yield curve will stay rather flat, Governing Council member Francois Villeroy de Galhau said on Friday.

“Nominal interest rates are now probably close to the low point, which doesn’t imply they will rebound soon,” Villeroy told a conference in Frankfurt.

“Negative rates are a useful part of our toolkit but there are clearly limits to them. We know there is a lower bound, even if we don’t know exactly where it is; somewhere slightly below zero,” he added. (Reporting by Balazs Koranyi; Editing by Gareth Jones)

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