October 15, 2019 / 9:28 AM / a month ago

ECB's Knot looking forward to reviewing monetary policy with Lagarde

AMSTERDAM (Reuters) - European Central Bank governing council member Klaas Knot said on Tuesday he was looking forward to a review of ECB monetary policy with incoming President Christine Lagarde.

“It’s true in any case that there is going to be a need for a review of ECB policy, and I think everybody is convinced of that by now,” Knot said at a press conference outlining risks to the Dutch financial system.

“That’s a conversation that will take place under Ms. Lagarde, and we’ll have to wait for that.”

Knot also said he stood by earlier criticism of the ECB’s loose monetary policy under Mario Draghi, who is leaving the ECB’s top job on Nov. 1.

After the ECB’s Sept. 12 announcement it would resume its government bond buying program and lower its already negative deposit rate to -0.5%, Knot said that the measures were “disproportionate.” He said then that the moves were not justified by the current state of Europe’s economy and there were good reasons to think further easing might not work as intended.

“I thought it would be best to make my position clear immediately afterwards,” he said, adding that he had no regrets about voicing his opposition. “I want to leave it at that.”

Reporting by Anthony Deutsch; Editing by Andrew Heavens and Alex Richardson

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