Central Banks
ECB Should Move Gradually in Face of Economic Risk, Visco Says
- Italian official says data should determine monetary stance
- Euro-area downturn may be worse than expected currently
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The European Central Bank should move gradually in fighting record inflation and take account of the risks the economy is facing, according to Governing Council member Ignazio Visco.
While interest-rate increases must continue after last week’s 75 basis-point hike, the peak of the cycle “can’t be predetermined” because of the uncertain nature of economic forecasting amid Russia’s war in Ukraine, the Bank of Italy chief said in a speech.