The European Central Bank is near the conclusion of its cycle of interest-rate increases and will almost certainly cease this year, Governing Council member Yannis Stournaras said.
(Bloomberg) — The European Central Bank is near the conclusion of its cycle of interest-rate increases and will almost certainly cease this year, Governing Council member Yannis Stournaras said.
“We’re close to the end,” the Bank of Greece governor said in an interview with Greece’s Imerisia posted on its website on Wednesday.
“We’re not there yet, so I agree with Madame Lagarde that we still have some distance to go.”
The comments come just a week after the ECB, led by Christine Lagarde, slowed the pace of its unprecedented bout of rate hikes following a moderation in its preferred measure of price growth.
“We can’t yet say how many more rate hikes will happen,” Stournaras said, observing that this will depend on projections for inflation, economic growth and financial conditions.
“As things stand today and if nothing dramatically changes, we can say that in 2023 rate hikes will end.”
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