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ECB governing council member, Francois Villeroy de Galhau crossed the wires in the last hour saying that maintaining a low-interest rate environment is completely justified and necessary in light of the current economic situation.

Additional quotes:

   “¢   ECB needs time to assess the impact of negative rates.
   “¢   Monetary policy also has favourable effects for banks
   “¢   Impact of low-interest rate on banks should neither be ignored nor blow out of proportion.
   “¢   The main prerequisite for banks to improve profitability is for them to put in place restructuring strategies.