ECB to raise rates by 50 basis points in September-Kazimir | Photo credits: European Union
June 13 (Reuters) – The European Central Bank is to step up the pace of monetary tightening by raising rates by 50 basis points in September after an initial quarter-point hike in July, Peter Kazimir said on Monday , member of the Governing Council of the ECB.
“Summer is not the end of anything, just a beginning,” Peter Kazimir said in emailed statements.
“In the fall, precisely in September, we will continue to raise rates and I clearly see the need to pick up the pace and make a 0.50% increase,” he added.
On Thursday, during its monetary policy meeting, the ECB announced that it would raise its interest rates by 25 basis points on July 21, specifying that it did not rule out a larger increase in September if inflation don’t slow down. (Report Jan Lopatka in Prague, French version Laetitia Volga, edited by Sophie Louet)