VIENNA (Reuters) - The steps that the European Central Bank took last month to spur the euro zone economy are already starting to work, ECB Governing Council member Ewald Nowotny said on Monday.
"This interest rate cut and the measures from June 5 in our view are already showing a significant effect," he told a news conference on the Austrian central bank's semi-annual financial stability report. Nowotny heads the Austrian central bank.
He said low interest rates were without doubt the proper response to massive under-utilisation of capacity in both Europe and the United States, but said monetary policy alone could not address sluggish economic growth.
(Reporting by Michael Shields, editing by John Stonestreet)