Padoa-Schioppa: Low eurozone growth not ECB fault

Tommaso Padoa-Schioppa said in an interview that low economic growth in the euro-zone is not due to the ECB's current monetary policy, adding that interest rates are already low.

In an interview with the Italian daily La Repubblica, Padoa-Schioppa, an Executive Board member of the European Central Bank, said that an economy recovery is underway in Europe but the continent has to boost domestic demand.

This must not be achieved by supplementary government spending, however, he said.