Simkus hopes ECB done with rate increases - Breaking The News

Simkus hopes ECB done with rate increases

15 September

1 min read

EPA-EFE/TOMS KALNINS

Member of the European Central Bank (ECB) Governing Council and Bank of Lithuania Board Chairman Gediminas Simkus (pictured) expressed hopes on Friday that this was the bank's last interest rate hike.

Discussing the ECB's latest monetary policy decision on the LRT radio, he echoed the comments of his colleagues, insisting that the 25 basis point increase was necessary as inflation expectations for 2023 and 2024 have been revised upwards. "Rising interest rates are unpleasant, bitter, but the medicine against the main enemy, against inflation," Simkus noted.

"Responsible lending is not an empty phrase, we must responsibly assess our ability to repay loans by assuming financial obligations," he added.

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