European Central Bank member: Supporting and enhancing the economy is not within the functions of the bank.

In an interview with Bloomberg on Saturday, European Central Bank Governing Council member Robert Holzmann stated that it would be a mistake for the European Central Bank to cut interest rates solely to boost economic growth in the eurozone.

Holzmann pointed out that enhancing activity and economic growth is not among the European Central Bank's functions, emphasizing that the bank's primary role remains to achieve price stability.

The European Central Bank Governing Council member clarified that cutting interest rates now to stimulate economic activity is completely contrary to the bank's position, adding that movements in price and wage data are currently the main drivers of monetary policy.

Holzmann's remarks come after ECB President Christine Lagarde acknowledged last week during the monetary policy press conference that economic growth in the eurozone has been weaker than the ECB had expected, according to the latest data. She also indicated that the economy is expected to recover at a slow pace over the next year.