{"id":143771,"date":"2021-11-04T20:27:38","date_gmt":"2021-11-04T20:27:38","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143771"},"modified":"2021-11-04T20:27:38","modified_gmt":"2021-11-04T20:27:38","slug":"ecb-aware-of-inflation-fears-but-unlikely-to-raise-rates-in-2022-schnabel","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/ecb-aware-of-inflation-fears-but-unlikely-to-raise-rates-in-2022-schnabel\/","title":{"rendered":"ECB aware of inflation fears but unlikely to raise rates in 2022 -Schnabel"},"content":{"rendered":"
FILE PHOTO: Isabel Schnabel, member of the German advisory board of economic experts attends the 29th Frankfurt European Banking Congress (EBC) at the Old Opera house in Frankfurt, Germany November 22, 2019. REUTERS\/Ralph Orlowski<\/figcaption>

FRANKFURT (Reuters) -The European Central Bank is aware of people\u2019s concern about high inflation but is very unlikely to raise interest rates next year as price pressures are set to abate, ECB board member Isabel Schnabel said on Thursday.<\/p>\n

Acknowledging inflation fears just days after Germany\u2019s biggest tabloid attacked the bank over its perceived insensitivity to the plight of ordinary people, Schnabel said tightening policy prematurely risked choking off growth.<\/p>\n

\u201cThis high inflation is causing growing concerns among people and we are taking these concerns very seriously,\u201d Schnabel told a financial conference.<\/p>\n

\u201cThere remain good reasons to believe that inflation in the euro area will visibly decline over the course of next year and gradually fall back below our target of 2% in the medium term, meaning that the conditions … for raising rates are very unlikely to be satisfied next year,\u201d she added, echoing earlier comments from other policymakers.<\/p>\n

Euro zone inflation exceeded 4% last month, twice the ECB\u2019s target, and is set to go higher, irking some in Germany, the euro zone\u2019s biggest economy and a long-time critic of the ECB\u2019s ultra easy monetary policy.<\/p>\n

But the bank has long argued that most factors pushing up prices are temporary and related to the economy\u2019s post-pandemic reopening, so once they pass, price growth will fall sharply.<\/p>\n

\u201cA premature tightening of monetary policy would hurt economic growth and negatively affect employment, including for those people that are still out of work,\u201d Schnabel said.<\/p>\n

Still, she acknowledged that the bloc was near the end of the pandemic emergency period, a key condition for ending emergency bond purchases, now slated for next March.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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