Italian ministers lashed out at the European Central Bank on Friday, labelling as 'baffling' and 'crazy' a decision to hike borrowing costs that raised the financial pressure on one of the euro zone's most indebted countries.
ECB's Villeroy defends moves
Foreign Minister Antonio Tajani, also a deputy prime minister, meanwhile said the ECB's moves would harm economic growth, with fallout for markets and households at a time when inflation in Europe was in his view largely due to the war in Ukraine. Estonian governor Madis Mueller said rates would probably need to rise more than markets had expected so far, while Finnish central bank chief Olli Rehn said 50 bps hikes were likely atThe ECB has raised the rate it pays on bank deposits from -0.5% in July to 2% on Thursday, when it said it expects to raise them further at a steady pace.
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