ECB: The decision to raise rates by an unprecedented 75 basis points was inevitable and the right one – Kazimir

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The head of monetary policy at the European Central Bank (ECB), peter kazimirmade some comments on Friday about the decision to raise interest rates by 75 basis points and the outlook for inflation.

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Inflation in the euro zone has been unacceptably high.

Our new outlook sees eurozone inflation exceeding the 2% target in 2023 and 2024.

In my opinion, the risks for inflation are definitely to the upside, while for the economy they are to the downside.

The rate hikes in July and September, and also those that will follow in the near future, are the ECB’s response.

The debate on the level of rates that the ECB intends to reach is premature.

The priority is to continue with the normalization of monetary policy.

Being strict is necessary for price stability, to restore balance to the economy, and to return to prosperity.

Source: Fx Street

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