MNI BRIEF: ECB's BLS Good Gauge Of Restrictiveness-Schnabel

AThe European Central Bank’s Bank Lending Survey is a good gauge of the level of restrictiveness of monetary policy, though other indicators are also useful, Executive Board member Isabel Schnabel said on Tuesday. 

"We look at a range of things, including the Bank lending survey, which is good as it has a strong forward-looking element," she said. (See MNI SOURCES: ECB Likely To Tweak Language, Keep "Restrictive")

Schnabel said the decision on when it will be time to slow or even stop the rate cutting cycle would be difficult and there was no one thing that would show that the Governing Council's job was done.