Italy-Meloni calls ECB rate hikes
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| Italy prime Minsiter |
by Angelo Amante and Gavin Jones
ROME (Reuters) - Italian Council President Giorgia Meloni on Wednesday criticized the European Central Bank (ECB) over its repeated interest rate hikes, calling it "simplistic" and likely to do more harm than good .
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The ECB has raised the cost of credit by a total of 400 basis points since July 2022, bringing its deposit rate to 3.50% this month. She further hinted that a ninth consecutive rate hike was all but a given in July, as she forecast inflation to remain above its 2% target until the end of 2025.
“It is right to fight inflation hard, but for many people the simplistic recipe for rate hikes followed by the ECB does not seem to be the right path,” Giorgia Meloni told Parliament.
Several Italian leaders have attacked the ECB since it began its cycle of monetary tightening intended to curb inflation which has slowed but whose rate remains at 6.1% over one year in May.
In an interview with the daily La Stampa, Environment and Energy Minister Gilberto Pichetto Fratin said on Wednesday that the ECB's "excessive" rate hikes could act as a "boomerang".
His colleague at Foreign Affairs, Anonio Tajani, stressed on Tuesday that these repeated rate hikes were "not in the interest of growth".
According to Giorgia Meloni, inflation in the community bloc is not linked to an overheating economy but to exogenous factors such as the war in Ukraine which has fueled rising energy costs.
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posted by Houston stamped concrete @ June 28, 2023
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