ECB's Padoa Schioppa sees no more cuts now

ITALY - Tommaso Padoa Schioppa, a member of the European Central Bank's council, said he doesn't see the euro-zone central bank cutting interest rates again in the foreseeable future, according to an interview with La Repubblica Saturday.

Asked if he saw a margin for further rate reduction, he said "No."

"We don't see at the moment any elements that make us think it is necessary to make more (cuts) in the foreseeable future," he said.