European Central Bank President Mr Wim Duisenberg today denied he had faced a chorus of calls for an interest rate cut from euro zone finance ministers and reiterated that euro area growth remained solid.
Speaking following a meeting of EU finance ministers and central bank governors, Mr Duisenberg denied Austrian Finance Minister Mr Karl-Heinz Grasser's claim that a majority of euro zone finance ministers backed a rate cut.
The ECB chief cited a statement by Spanish Economics Minister Mr Rodrigo de Rato, who denied Grasser's suggestions that most of the 12 ministers from the single currency area wanted the ECB to lower borrowing costs.
"I have seen the statement, as quoted to Reuters, by Minister Grasser. I have also seen the statement issued later by, and I believe I may quote him, which literally says it is not true that the majority of EMU ministers favour an ECB rate cut," he said.
"I can confirm Rato's statement," he added.
Mr Grasser, who has repeatedly called on the ECB to follow other major central banks and cut rates, stuck to his guns and later said that a rate cut by the ECB was on its way.
