ECB's Padoa-Schioppa says next move up for rates

Although the OECD called for a reduction in euro zone interest rates Tuesday, the ECB sees the next natural step in interest rates to be a hike, ECB board member Tommaso Padoa-Schioppa told the Frankfurter Allgemeine Zeitung in an interview.

The OECD and German Ifo institute both called for an ECB rate cut and the IMF has also said that a further rate cut should not be ruled out.

'The way it looks, it is clear that the only step that we can conceive of is a movement towards a more neutral inte

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