ECB’s Nowotny: Most important effect of ECB policy has been to prevent deflation

ECB governing council member Ewald Nowotny was out on the wires last minutes via Livesquawk, commenting on the impact of ECB’s monetary policy.

Key Quotes:

The most important effect of ECB policy has been to prevent deflation and a downward economic spiral
There are limits to monetary policy
The low real interest rate effect is not now