© Archyde.com. One of the members of the European Central Bank expects to continue raising interest rates above this rate!
Arabictrader.com – A member of the European Central Bank and Governor of the Central Bank of Ireland, Gabriel Makhlouf, told the Wall Street Journal earlier on Tuesday that there is no hope of discussing a rate cut in 2023.
Makhlouf expected interest rates to exceed the rate of 3.50%; Explaining that the European Central Bank is likely not to cut rates this year; Adding that the European Central Bank will continue to raise interest rates following the March meeting.
Also, the member of the European Central Bank indicated that it is noticeable that inflation has decreased in the region, but it is still much higher than the required level at 2%, and he also announced the European Central Bank’s readiness to take strong measures in order to return inflation to the target.
It is worth noting that Jibril Makhlouf had stated earlier last month that monetary policy decisions in the future should remain dependent mainly on economic data due to the prevailing uncertainty, adding that inflation in the euro area is still high.
He also reaffirmed that interest rates must rise significantly and at a steady pace to reach levels sufficiently restrictive to control high inflation and to ensure a return to the target level of 2%.
