A senior European Central Bank policymaker has said it can achieve its objective of bringing down inflation by committing to keep interest rates stable for longer, rather than raising them and risk crashing the economy.
Fabio Panetta, an ECB executive board member, said persistence in keeping rates at current levels “for an extended period” could achieve a similar effect to raising borrowing costs further while avoiding “unnecessary costs to the economy”.
However, he did not rule out the possibility of more policy tightening, saying: “Should the inflation outlook materially deteriorate, a further rate adjustment would be warranted.”
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