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ECB reduces outlook for rate hikes
Boris Vujicic, Vice President of the European Central Bank, stated that the market is heavily betting on continued interest rate hikes due to rising energy prices, especially amid the escalating Middle East crisis and increased fuel costs for the eurozone. However, he emphasized that policymakers base their decisions on a broader range of economic data, not just oil and gas prices. He explained that sustained increases in energy prices could boost inflation and weaken economic growth by reducing household income and spending, with the potential for the impact to worsen during the cold winter due to higher heating bills. He also noted that the eurozone’s dependence on natural gas has significantly decreased since 2020 and that the economy is showing greater resilience than expected, supported by steady exports and private consumption.
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