ECB's Garganas says rates may not have peaked

A recent change in European Central Bank language on monetary policy does not mean that interest rates are near a peak, Nicholas Garganas said in an interview published Monday 19 March.

It does not mean that we have reached what we would interpret as near the peak of the interest rate cycle, ECB governing council member Nicholas Garganas said.

The ECB changed its description of eurozone rates to "moderate" from "low" on March 8th when it raised borrowing costs to 3.5 per cent in its seventh qua