ECB Governing Council Member Kazaks: No Urgency to Raise Interest Rates, Will Continue to Monitor Data

On April 22, European Central Bank Governing Council member Martins Kazaks stated that there is no urgency to raise interest rates, as current data is insufficient to support such action. Kazaks remarked, “We still have plenty of room to continue gathering data and forming judgments.” Currently, inflation expectations remain under control, and so far, the impact of rising energy prices on the overall economy has been relatively limited. Oil prices have retreated from the highs following the Iran war, and European gas prices are also well below 2022 levels. Kazaks noted that the current interest rate level of 2% neither stimulates economic growth nor suppresses economic activity. (Financial Associated Press)