El gobernador del Banco de Italia, Fabio Panetta, ha instado al Banco Central Europeo a intensificar el proceso de reducción de las tasas de interés, citando inflación objetivo y demanda interna estancada. El gobernador instó al BCE a ignorar su política de reunión tras reunión y comprometerse a recortes de tipos más rápidos para impulsar la economía de la eurozona.
Las políticas monetarias agresivas y restrictivas del BCE siguen al shock energético y han logrado frenar la inflación rápidamente. Sin embargo, el gobernador del Banco de Italia, Fabio Panetta, ha pedido recortes de tipos más rápidos por parte del BCE, diciendo que las políticas restrictivas actuales limitan el crecimiento económico.
Mientras hablaba en Milán el martes, el gobernador destacó que las condiciones monetarias restrictivas ya no eran necesarias y que la inflación estaba cerca de los niveles previstos. Panetta también instó a las autoridades a volver a confiar en las cifras y proyecciones de inflación derivadas del análisis económico real de los principales impulsores de la inflación en lugar de centrarse en señales económicas de corto plazo y en los indicadores de inflación actuales.
El gobernador del Banco de Italia insta al BCE a actuar más rápido en los recortes de tipos.
- Rabb Nawaz (@RabbNawaz) 19 de noviembre de 2024
Panetta mentioned that the domestic demand in the zone was stagnant and that a restrictive monetary environment could limit the economy’s growth. He warned that weakening domestic demand and a dull outlook for world trade require an immediate standardization of interest rates.
He called for raised rate cuts instead of the meeting-by-meeting approach that the ECB has executed in the last meetings.
“With inflation close to target and domestic demand stagnant, restrictive monetary conditions are no longer necessary.”
-Fabio Panetta
Panetta urged policymakers to shift their focus to the falling inflation heading below the central bank’s 2% target. Falling inflation has become a rising concern for some lawmakers since the summer.
The European Central Bank has cut rates three times by 25 basis points in each cut since the year began, bringing the borrowing cost in the region to 3.25%. The central bank may conduct another rate cut in December and more successive cuts next year.
The ECB’s key deposit rate could be reduced to 2%, which is the neutral level of a stable economy. Panetta cautioned that tackling inflation with restrictive policies is a mistake and that the European Central Bank should handle the situation from a neutral stance.
Panetta has consistently advocated for rate cuts. He first raised the issue in his first speech as the bank’s governor in November 2023. His recent warning comes after Panetta made another caution to the ECB concerning interest rates on November 1st. On this date, Panetta urged ECB President Christine Lagarde and other policymakers to consider further rate cuts at the World Savings Day event in Milan.
In September, Italian Deputy Prime Minister Antonio Tajani criticized the European Central Bank’s decision to cut interest rates by 0.25%, saying it was timid and that the central bank should cut the rates further. Tajani emphasized that he believed the founding treaty should be revisited because it inhibits the central bank’s role in controlling inflation.
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