A rate cut at the next ECB meeting “is very much to be expected: we need to fight the recession that is underway, for example in Germany, and to encourage a recovery in development and employment,” said Abiy’s president, Antonio Patuilli, in an interview with the Messaggero newspaper. “Inflation cannot be fought exclusively or predominantly through monetary tightening, but through a complex set of complex measures, including fiscal measures, which are perhaps homogeneous in Europe and which do not depress the economy, but stimulate the economy,” Patuilli added.
In Frankfurt, the ECB President stressed: “The ECB has increased its powers, especially in the most complex phases of the crisis, but the European treaties governing it must be updated to attribute to the ECB all the competencies and responsibilities of the European Central Bank.” The central bank must take into account not only the serious problem of inflation, but also the need to promote growth and employment.”
Finally, a joke about the rumors (later denied by the government) about the possibility of taking action to target “extra profits” for banks: “In economic history I have not found any trace of the concept of additional losses for the most difficult phases of the economy, especially the banking sector. At the same time, additional profits cannot be achieved.”
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