意大利央行行长法比奥·帕内塔以目标通胀和国内需求停滞为由,敦促欧洲央行加大降息力度。这位行长敦促欧洲央行无视其逐次会议政策,并致力于更快降息以提振欧元区经济。
欧洲央行在能源冲击之后采取了激进和限制性的货币政策,并成功地迅速抑制了通货膨胀。然而,意大利央行行长法比奥·帕内塔呼吁欧洲央行加快降息,称当前的限制性政策限制了经济增长。
周二在米兰发表讲话时,行长强调限制性货币条件不再必要,通胀已接近目标水平。帕内塔还敦促决策者重新依赖通胀数据和对通胀主要驱动因素的实际经济分析得出的预测,而不是关注短期经济信号和当前通胀指标。
意大利央行行长敦促欧洲央行更快采取降息行动。
—拉布·纳瓦兹 (@RabbNawaz) 2024 年 11 月 19 日
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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