Member of the Governing Council of the European Central Bank (ECB), Olli Rehnhas pointed out that the recent turbulence in global stock markets was a «overreaction»«My view is that this was an overreaction by market forces to Uncertainty and low liquidity in the markets during the holiday seasonand not so much because of issues arising from the fundamentals of the economy,» he said in a speech published on Wednesday by the Bank of Finland. According to Rehn, The US economy remains «relatively strong» Despite the fact that the July employment figures disappointed the market, the Finn recalled that central banks do not tend to react to individual market changes and that the ECB continues to monitor «carefully» the evolution of the general picture in terms of price and financial stability, as well as growth and employment. Last June, Rehn said that he saw the expectation of a slowdown in the economy as reasonable. two more interest rate cuts in 2024.