07.07.201404:13:10UTC+00Eurozone interest rates to remain different from major peers

One of the European Central Bank’s top officials reiterated on Sunday their commitment to keep interest rates low for as long as possible and said its outlook will be divergent to that of other advanced economies.

Benoit Coeure, an ECB policymaker, remarked during an economic conference in France that eurozone members should focus on cutting their debt and encouraging growth to complement the bank’s fiscal measures. As the ECB looks to maintain current negative rates for an extended period of time, he stressed for the necessity of more investments among countries included in the monetary union to reduce the present investment deficit and carry their economies into an expansion.

The ECB official informed investors and economists alike that the eurozone will be distinct from other countries in terms of policy for the foreseeable future. This includes its European neighbor Britain, who has announced the possibility of hiking up interest rates sooner than expected, and its overseas trade partner the United States, whose central bank through the Federal Reserve has begun its gradual reduction of policy.

With its central bank having its own goal of stabilizing monetary conditions in the region, Couere called for increased cooperation between its members to increase investments, a sentiment that International Monetary Fund chief Christine Lagarde agrees to. The IMF indicated on the same day that it may revise down its forecast for global growth due to a slowdown in many economies, a trend that could be overcome with reform and improvements in infrastructure, health, and education.