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Martins Kazaks, a member of the Governing Council of the European Central Bank (ECB), stated that monetary policy has reached a new phase where policymakers can concentrate on observing the economy without the necessity for active interventions to alter its course. During an interview at the Jackson Hole conference in Wyoming, Kazaks emphasized that with inflation rates currently stable at the 2% target and the latest data indicating no significant shifts in the economic outlook since the June quarterly forecasts, further interest rate reductions are unwarranted. In July, policymakers halted further easing measures after lowering the deposit rate eight times to reach 2%. Since then, several officials have hinted at a preference to maintain the current stance at the upcoming policy meeting next month.
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