ECB's Kaasik says he would not describe current ECB interest rates as very high

The substance here is an argument against the restrictive-territory framing, a position that in past easing debates has been associated with the dovish end of the Council and with resistance to characterising cuts as normalisation rather than accommodation. The relevant distinction is whether this is a view on the current level of rates, which is largely semantic, or a signal about willingness to cut further, which is what actually reprices the front end and the short-dated ESTR curve. Single-member commentary of this sort has tended to matter mainly in aggregate: the tell is whether more influential voices, particularly from the core and from the Executive Board, echo the characterisation in subsequent appearances. Watch the pattern of Council speak and the next round of staff projections rather than any one interview. As rhetoric rather than decision, the signal is soft and directional.