Netherlands: No need for ECB rate cut

Dutch finance minister Gerrit Zalm said today that there is no need for the European Central Bank (ECB) to lower interest rates.

"No, we don't need anything from ECB policy," Zalm said, when asked if the ECB should cut rates.

Zalm made the comment on his way into a euro group meeting ahead of an informal gathering of EU finance ministers in Punchestown racecourse, and after the ECB kept rates on hold at 2% yesterday.

Asked about the Netherlands' widening budget deficit, he said he is "confident" of keeping it below the EU stability and growth pact's limit of 3% of GDP.