BERLIN, Oct 23 — For the first time in over a year, European Central Bank policymakers are expected to decide against raising interest rates again when they gather in Athens on...
For the first time in over a year, European Central Bank policymakers are expected to decide against raising interest rates again when they gather in Athens on Thursday. — Reuters picBERLIN, Oct 23 — For the first time in over a year, European Central Bank policymakers are expected to decide against raising interest rates again when they gather in Athens on Thursday.
The figure remains clearly above the ECB’s 2-per cent target, but the pain of rising interest rates has been increasingly felt across the bloc.The outbreak of the Israel-Gaza war has added to the potential troubles faced by the eurozone economy, already weathering the impact of the conflict in Ukraine.
But after deciding to hike at each of its last 10 meetings, raising rates at their fastest pace ever, “the ECB won’t be in any rush to take further action”, said ING bank analyst Carsten Brzeski. Some eurozone governments, such as Italy and Portugal, have voiced criticism of hard-to-swallow ECB rate increases, while the enthusiasm for more hikes has tempered among the 26 members of the ECB’s governing council.
Her emphasis would more likely be on monetary policy staying tight for an “extended period”, when the ECB shares its decision, Allen-Reynolds said.Lagarde’s colleague on the ECB’s board, Luis de Guindos, has warned that work to tame inflation will take time, with the indicator “still expected to remain too high for too long”.
There was every possibility that the eurozone could see a “further worsening of the economic outlook” before then, Brzeski said.
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