ECB's Nowotny says property bubbles are possible
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European Central Bank Governing Council member and chief of Austria's central bank Ewald Nowotny arrives to testify in a parliamentary inquiry hearing investigating political responsibilities leading to the fail of Hypo Alpe Adria bank in Vienna, Austria,
VIENNA (Reuters) - An expansive monetary policy is the right way to support growth but one must watch for negative side effects such as property bubbles, European Central Bank Governing Council member Ewald Nowotny said in a television interview on Thursday.
"We must of course be careful that this healthy medicine does not have negative side effects," Nowotny told Austrian broadcaster ORF. "It could be, for example, that there is a development of bubbles in property markets."
(Reporting by Francois Murphy; Editing by Chris Reese)
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