17 June 2005
European ministers are pushing for a cut in interest rates, according to Euro group president Jean-Claude Juncker in a move that will please mortgage holders.
Mr Juncker said that "many ministers" would prefer the European Central Bank to cut rates and they are keen to be heard, AFX News reports.
He said it was obvious that "many ministers want to persuade the central bank to change policy as regards interest rates".
Mr Juncker, Luxembourg's finance minister and premier, suggested that it would be wise for the bank to take the advice of ministers.
"Ministers of finance in the eurozone are gradually moving towards making the same kind of statement (on rates), which will end up being imposed on the monetary authority," he said.
He said that the outlook for economic growth within the eurozone depended on oil prices.
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