107179000-1673878242926-gettyimages-1238829759-PORTUGAL_CENTENO.jpeg
EUROPA NEWS

ECB Member Mario Centeno says extra fee hikes to return – EAST AUTO NEWS

ECB Member Mario Centeno says extra fee hikes to return


Mario Centeno, governor of Banco de Portugal.

Bloomberg | Bloomberg | Getty Pictures

DAVOS, Switzerland — There might be “no less than” a couple of extra fee hikes within the subsequent couple of conferences, an ECB member instructed CNBC Tuesday.

The European Central Financial institution raised charges 4 instances all through 2022, bringing its deposit fee to 2%. The central financial institution in December stated it could be growing charges additional in 2023 to handle excessive inflation.

Current information has proven a slowdown in headline inflation, even when it stays effectively above the ECB’s 2% goal. December inflation got here in at 9.2% within the euro zone, in line with preliminary numbers. This was the second consecutive month-to-month drop in costs throughout the euro zone.

“Now we have and may count on a couple of extra fee hikes within the subsequent couple of conferences no less than,” Mario Centeno, Governor of the Financial institution of Portugal, stated in Davos.

The ECB’s faces a tough process, with some economists cautioning {that a} very aggressive climbing cycle may harm development.

Talking to CNBC, Centeno acknowledged that overtightening is the largest concern for the enterprise group. He reiterated that the ECB might be making its fee selections on a meeting-by-meeting foundation and relying on incoming information.

The newest ECB projections recommend a development fee of 0.5% for the euro zone in 2023, adopted by 1.9% in 2024.

Economists have change into extra constructive on the euro zone outlook in latest weeks. Power costs have come down, and vitality consumption has additionally been decrease than anticipated, combining to a better-than-expected financial efficiency within the closing quarter of 2022.

As such, Centeno additionally stated: “It’s probably we’ll keep away from unfavourable development within the first quarter.”

Allianz CEO says company ‘benefitting tremendously’ from rising rates in the insurance business
ECB Member Mario Centeno says extra fee hikes to return – EAST AUTO NEWS
Comments

TOP STORIES

To Top
SELECT LANGUAGE »