Fabio Panetta, a member of the ECB Governing Council, expressed the opinion that it is necessary to significantly reduce interest rates so that they do not become an obstacle to economic growth. The head of the Bank of Italy stressed that currently tightening monetary conditions are not needed. According to him, it is necessary to move to a more flexible monetary policy, which may even be slightly stimulating if necessary. The European Central Bank is now analyzing the pace at which to reduce the cost of borrowing after three cuts already implemented this year. Christine Lagarde, president of the ECB, confirmed that the final pace of interest rate cuts will be determined later, despite the clarity in the general direction. Rates are expected to be lowered in December, and investors predict that the deposit rate will fall to 2% by the middle of next year. At the same time, the head of the Estonian Central Bank, Madis Muller, believes that another 0.25 point rate cut is likely in December. He acknowledges that a final decision has yet to be made, and this will require analysis and discussion.
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