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ECB Executive Board Member Isabel Schnabel: Hit by Middle East Conflict, ECB Should Raise Rates Next Month
European Central Bank Executive Board member Isabel Schnabel said that even if the Middle East conflict can be resolved swiftly, the central bank should still raise interest rates ...
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ECB Executive Board Member Isabel Schnabel: Hit by Middle East Conflict, ECB Should Raise Rates Next Month
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European Central Bank Executive Board member Isabel Schnabel said that even if the Middle East conflict can be resolved swiftly, the central bank should still raise interest rates next month, as given the scale and duration of the current shock, the central bank can no longer turn a blind eye. Energy infrastructure and global supply chains have already suffered severe damage.

As surging energy prices push up inflation, the market generally expects the ECB to raise rates by 25 bps on June 11. However, the war has also affected the economy, and some members have warned against adopting overly tight monetary policy.

She said that even if oil prices normalize quickly, the previous energy conflict is generating spillover effects. The longer the shock persists, the greater the negative impact on economic growth. Confidence indicators, including consumer confidence, have already declined significantly, implying downside risks to economic growth and upside risks to inflation. (mn/da)

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