ECB's Garganas sees no reason for rate hike

European Central Bank council member Nicholas Garganas said in an interview that there is no need for the bank to start raising interest rates until inflation pressures increase.

Even though rates are well below ``neutral levels,'' the ECB forecasts inflation will slow next year, said Garganas, who also heads the Greek central bank, in an interview in Athens on May 6.

``I see no reason for an increase in interest rates as long as expected inflation is below 2 percent,'' he said. Provided the b