Rates not to blame for slow growth: Padoa-Schioppa

The European Central Bank's reluctance to cut interest rates below 2 per cent isn't to blame for slow growth in the 12 nations that share the euro, said Tommaso Padoa-Schioppa, an ECB board member, in an interview with newspaper La Stampa.

``There are no convincing elements of analysis to make one believe that monetary policy is responsible for low growth,'' Padoa-Schioppa told the Italian daily. ``To combat a prolonged period of low growth, the bank can only ensure price stability, but that's

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