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Tuesday, December 6, 2022

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ECB: Panetta, with recession risks, use caution

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The price of gas flies, Italian storage close to 80% (ANSA)

“Further monetary policy adjustments are possible, but the current economic trend must induce us to use one of the most important virtues of a central bank, which is prudence.” This was stated by Fabio Panetta, member of the Executive Committee of the ECB.

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“We will have to take into account the economy, the chances of recession are increasing in the euro zone”, adds Panetta during the Eea Esem meeting at the Bocconi University in Milan.
specifying to expose his “vision” and not that of the ECB.

“The chances of a recession in Europe are increasing as a result of the pandemic, economic shocks and the war between Ukraine and Russia. Any monetary policy adjustment must be closely linked to data, economic performance and take the economic conditions in the euro area “, explains the member of the Executive Committee of the ECB, according to whom” market rates at the moment, if inflation is taken into account, are not far from their neutral levels “.

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Source: Ansa

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