Deputy Premier and Foreign Minister
Antonio Tajani expressed disappointment on Thursday at the
European Central Bank's latest interest-rate cut, saying a
reduction of 25 basis points on its deposit rate to 3.50% was
not enough.
"I expected a more courageous decision from the ECB, 0.25 (of a
point) is too little." Tajani told a question time session in
the Senate,
"We have to focus on growth. Inflation is falling.
"The ECB must be able to do more.
"I believe that the Treaty establishing the ECB must be
modified. It cannot only be the guardian of inflation, it must
be able to govern the currency to support growth.
"From a monetary point of view, we must be able to do more. If
the cost of borrowing is excessive, and it is excessive, there
is no reason to cut just 0.25.
"We must not give in to the whims rigour, including those of
Germany.
"The ECB must have more courage. And reform of it is essential".
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