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Lagarde, ‘the ECB is independent’. Clash with Tajani

by AI | 15.Sep 2024 | Europe in brief AI

The president of the European Central Bank rejected the “political pressures” coming on the eve of the Eurogroup from Italy on the extent and speed of interest rate cuts

Christine Lagarde, President of the European Central Bank, speaks at an informal meeting of EU finance ministers and central bank governors. Photo: Caisa Rasmussen/TT News Agency/AP/dpa

Budapest (ANSA) – The President of the European Central Bank Christine Lagarde rejected the “political pressures” that came on the eve of the Eurogroup from Italy regarding the amount and speed of interest rate cuts, firmly claiming the independence of the central institution. The Foreign Minister Antonio Tajani however insisted: “I do not want to influence” the choices of the ECB, but “I claim the right to comment on them.”

The central bank, he added, “cannot just be the guardian of inflation but must transform into a true central bank capable of governing money to support the real economy, which is the one that creates employment.” In addition to the little “courage” lamented by Tajani, the Minister of Enterprises and Made in Italy Adolfo Urso had criticized Frankfurt for having “disappointed expectations.”

“The European Central Bank is an independent institution,” replied Lagarde. “It is very clearly stated in the treaties that we are not subject to political pressures of any kind, so whether it be praise or criticism, we try to stay completely away from them and really work based on the mandate which is price stability and based on the data we receive.”

We decide “based on inflation outlook,” she added. “We have gone from the peak of 10.6% inflation on October 22, to 2.2% inflation. There is heterogeneity between countries. I think it is a bit lower in Italy, but it is definitely a good step towards our goal and we are determined to achieve it in a short time,” said the Frenchwoman (September 13).