ECB's Garganas sees no need for rate rise

The European Central Bank sees no need to raise eurozone interest rates if area-wide inflation slows to less than 2.0 percent next year, governing council member and Greek central bank chief Nicholas Garganas said in a newspaper interview.

Asked by the daily Frankfurter Allgemeine Zeitung why, with inflation currently over 2.0 percent, the guardian of the euro had not yet tightened monetary conditions in the single currency area, Garganas replied: "Our extensive analysis shows no indication of

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