Home Business ECB, Lane: ‘more rate hikes, but much has already been done’

ECB, Lane: ‘more rate hikes, but much has already been done’

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ECB, Lane: ‘more rate hikes, but much has already been done’

Philip Lane, chief economist of the ECB, foresees further rate hikes by the central bank, but he is also of the opinion that much has already been done.

“It is not clear whether the peak of inflation (in the euro area) has already been reached or if it will be next year – he said – and we cannot rule out some inflation at the beginning of next year,” he said Lane.

In any case, “it will be necessary to take into consideration the previous rises in rates, to evaluate future ones”. Christine Lagarde’s ECB will meet on December 15th.

On 27 October last, the European central bank announced a new maxi rate hike of +75 basis points, after the historic one, the first of that intensity since the birth of the euro, on 8 September last.

Interest rates on the main refinancing operations, the marginal lending facility and the deposit facility will be raised to 2.00%, 2.25% and 1.50% respectively.

Governing Council member Francois Villeroy de Galhau said yesterday that he believed the ECB should raise interest rates by 50 basis points this month to help tame rising inflation.

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