2023-09-15 13:47:55
Tan Yaling, president of the China Foreign Exchange Investment Research Institute, said that not only will the European Central Bank’s interest rate hikes not solve the still high inflationary pressure, but the overall economic decline and the differences among member countries will definitely make the effects of monetary policy lag behind.
At the same time, the number of checks and balances on the euro has further increased. The latest data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) shows that the use of the euro in international settlements fell to the lowest level on record in July. Even if the European Central Bank takes interest rate hikes, the interest rate level is still the lowest among developed countries (except Japan). If the euro does not rise but depreciates, it will be very passive. The conflict between Russia and Ukraine will reduce the status of the euro and the euro system may face collapse.
(Source of article: Xinhua Finance)
Article source: Xinhua Finance
Original title: China Foreign Exchange Investment Research Institute: The effect of the European Central Bank’s interest rate hike may be less than expected
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