SocGen's Bini Smaghi pushes back on suggestion from ECB's Nowotny on rates

http://www.cnbc.com/2017/03/19/china-development-forum-socgen-chairman
BYEunice Yoon
Sunday, 19 Mar 2017 | 8:13 PM ET

Europe is fortunate to have Angela Merkel, China is resilient but challenged, the U.S. could get left behind economically and the European Central Bank is unlikely to raise rates before ending its bond-buying program, Societe Generale Chairman Lorenzo Bini Smaghi said in a wide-ranging interview Saturday.

Speaking with CNBC at the China Development Forum in Beijing, Bini Smaghi refuted a suggestion made by ECB policymaker Ewald Nowotny, who said Thursday the central bank would decide at a later date whether it would first raise rates or conclude its bond-buying program.

That commentary had moved markets as it seemed to conflict with ECB guidance delivered only days prior.

But Bini Smaghi, a former member of the ECB's executive board, expressed doubts about the viability of a rate hike before the conclusion of European quantitative easing.

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