FXStreet (Łódź) - ECB Governing Council member Ewald Nowotny said on Monday that the impact of the interest rate cut and the easing measures implemented by the central bank at its June monetary policy meeting was starting to show "a significant effect."

Speaking at a press conference in Vienna, following the release of the Austrian central bank's semi-annual financial stability report, Nowotny suggested that the package of measures helped decrease pressure on the euro.

He added that market tensions eased and sovereign debt decreased in the first half of the year, thanks to structural reforms implemented by the Member states as well as the unconventional monetary policy. Nowotny acknowledged however that EU credit markets remain highly fragmented and there is a significant capacity underutilization.

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