August 14, 2017 / 8:03 PM / 2 years ago

Schaeuble: ECB to quit ultra-loose monetary policy in foreseeable future

FILE PHOTO: German Finance Minister Wolfgang Schaeuble attends at an event of his CDU party's economic council (Wirtschaftsrat) in Berlin, Germany, June 27, 2017. REUTERS/Hannibal Hanschke/File Photo

SCHLEIZ, Germany (Reuters) - German Finance Minister Wolfgang Schaeuble said on Monday that the European Central Bank’s ultra-loose monetary policy would come to an end in the foreseeable future, but interest rates would remain low.

Regarding the end of the period of low interest rates, Schaeuble said: “There are signs that it is gradually getting better.”

Speaking at an campaign rally ahead of a Sept. 24 election, the veteran conservative said: “No one seriously disputes that interest rates are rather too low for the strength of the German economy and the exchange rate of the euro, which is rising now.”

Schaeuble said most people expected the ECB to take a further step at a September meeting towards gradually quitting its very expansive monetary policy.

He said the ECB needed to exercise caution in ending its ultraloose monetary policy, adding: “I hope it goes well.”

Reporting by Gernot Heller; Writing by Michelle Martin

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