Bloomberg News

Nowotny Says Middle East Developments Could Push Up Inflation

February 28, 2012

Feb. 28 (Bloomberg) -- European Central Bank Governing Council member Ewald Nowotny said tensions over Iran’s nuclear program could drive inflation in the euro area higher.

“If we look at the disturbing developments in the Middle East, that could translate into higher inflation,” Nowotny said during a speech in London today. “That could make life a bit more difficult.”

Nowotny, who is also the governor of Austria’s central bank, said he doesn’t see the merit in further interest cuts at the present time.

To contact the reporter on this story: Gabi Thesing in London at

To contact the editor responsible for this story: Jeff Black at

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