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ECB to signal future QE path to markets in fourth quarter - Nowotny

Reuters
President of the Austrian National Bank and European Central Bank Governing Council member Ewald Nowotny attends a news conference in Vienna, Austria, June 6, 2016. REUTERS/Leonhard Foeger

VIENNA (Reuters) - The European Central Bank will signal the future path of its quantitative easing programme in the fourth quarter, ECB governing council member Ewald Nowotny said on Friday, suggesting a decision is unlikely at a meeting in September.

The ECB left rates unchanged on Thursday and ECB President Mario Draghi had left the door open to more policy stimulus pending data releases in September.

"A decision will have to be made in the fourth quarter of 2016 which signals to give the markets about the further development of the (asset) buying programme," Nowotny told Austria's APA news agency.

APA paraphrased Nowotny as saying that the example of the United States showed that such quantitative easing programmes could not be stopped abruptly.

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"It is too early to say now whether it will be a gradual reduction (in the euro area)," Nowotny said.

Nowotny added that before Britain voted to leave the European Union on June 23, he had expected such a gradual reduction, but now there were more uncertainties, according to APA.

(Reporting By Shadia Nasralla; editing by John Stonestreet)