Ewald Nowotny, council member of the European Central Bank, said long-term interest rates could be kept low by expanding the bank's asset-purchase program. Interest rates are at historic lows, but "in the future, monetary policy also has the ability to provide support through unconventional methods," Nowotny wrote in a letter to a hotels group. "Through the purchase of bonds or other commercial papers, the yield curve can be flattened, thereby lowering long-term interest rates, which are decisive for investment."

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