The European Central Bank is likely to need extra interest rate cuts if global borrowing costs are pushed up by the US Federal Reserve maintaining its restrictive monetary policy stance, a top eurozone policymaker has said.
Fabio Panetta, head of Italy’s central bank, said in a speech on Thursday that if the Fed keeps rates on hold longer than markets expect, or even raises them, it would be “likely to reinforce the case for a rate cut [by the ECB] rather than weakening it”.
Panetta’s comments clash with warnings from other ECB rate-setters that they should avoid diverging too much from the Fed and underline how doubts over the direction of US monetary policy are creating tensions in Europe.
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