November 4, 2011 / 10:36 AM / 6 years ago

ECB's Stark says rate cut no sign of policy change

FRANKFURT, Nov 4 (Reuters) - The European Central Bank’s decision to cut interest rates does not reflect a strategic shift towards pragmatism, European Central Bank policymaker Juergen Stark said on Friday, and urged the ECB to end its bond purchase programme as soon as possible.

The ECB surprised markets by cutting rates to 1.25 percent on Thursday at its first policy meeting under its new president, Mario Draghi.

“Yesterday’s decision has nothing to do with pragmatism,” Stark said at a conference about credit policies, adding that he made the proposal to cut interest rates.

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