The European Central Bank will need to move cautiously when it eventually starts raising interest rates, according to Governing Council member Ewald Nowotny. While the ECB’s guidance suggests rates could rise after the summer, investors don’t see a hike until 2020 because of the slowing economy. Asked in an interview with Der Standard newspaper whether borrowing costs will be increased this year, the Austrian governor sidestepped the question. “What is true for other areas of life also applies to monetary policy: never say never,” he said in the interview. “If there is an interest-rate move, it will be a cautious one.” Bloomberg