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ECB: Middle East energy shock spared wages
Olli Rehn, a member of the European Central Bank's Executive Board, stated that the energy price shock caused by tensions in the Middle East has not yet affected wages or other prices, and that the impact has been weaker than expected. He confirmed that the bank is pursuing a medium-term monetary policy aimed at reducing inflation, which has exceeded its 2% target, by raising long-term interest rates that help slow growth and reduce the transfer of energy cost increases to other sectors. Despite anticipating further increases, the stability of the Eurozone economy limits immediate risks. The rise in interest rates is part of efforts to combat inflation, attract investments, and support public debt.
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