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Europe’s Monetary Policy: Not in Sync With US Anymore
Europe’s Monetary Policy: Not in Sync With US Anymore
Sputnik International
Those heads of European central banks who earlier announced interest rate reductions in their countries referred to decreasing inflation as a main reason to decide on the move.
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Recent interest rate cuts by a number of European central banks indicate the continent’s increasing readiness to take a different path from the US on monetary policy, economists told the Financial Times (FT).Meanwhile, the European Central Bank has signaled it could start cutting rates for the 20-country eurozone at its next meeting in early June, if incoming data confirm a fall in inflation.
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recent interest rate cuts by a number of european central banks, europe's monetary policy, plummeting inflation in european countries
recent interest rate cuts by a number of european central banks, europe's monetary policy, plummeting inflation in european countries
Europe’s Monetary Policy: Not in Sync With US Anymore
In a significant pivot from US economic strategy, the European Union is redefining its economic alliances and policies to reflect a growing trend of autonomy and strategic recalibration in global economic interactions.
Recent interest rate cuts by a number of European central banks indicate the continent’s increasing readiness to take
a different path from the US on monetary policy, economists told the Financial Times (FT).
19 January 2021, 11:05 GMT
Sweden's Riksbank cut its main interest rate earlier this month — for the first time since 2016 — by 0.25 percentage points to 3.75%. “We are convinced enough that inflation has come down, and has come down in a sustainable way,” Riksbank Governor Erik Thedeen said.
In March, the Swiss National Bank cut its main interest rate by 25 basis points to 1.5% in a surprise move which made it the first European central bank to scrap tighter monetary policy in the face of inflation.
Also in March, the Czech Republic’s central bank cut its key interest rate for a third time in a row amid plummeting inflation in an effort to boost the economy. The reduction brought the interest rate down to 5.75%.
Later in March, the National Bank of Hungary (NBH) slashed its base rate by 75 basis points to 8.25%, with Deputy Governor Barnabas Virag telling reporters that the bank should pursue "an increasingly cautious monetary policy in the second half of the year."
Meanwhile, the European Central Bank has signaled it could start cutting rates for the 20-country eurozone at its next meeting in early June, if incoming data confirm a fall in inflation.
The US Federal Reserve typically leads the way in setting interest rate trends due to the size of the US economy and the outsized influence of its financial markets and the dollar. A Fed official suggested last month that the US central bank might not cut its rates at all in 2024.
