The European Central Bank still won't say when it might start raising interest rates, even as inflation surges to another record high. Given war in Ukraine, as well as a Covid surge in China, it wants to keep its options open.
The ECB reiterated on Thursday that it would only raise the cost of borrowing after it winds down its purchases of government bonds, which it confirmed should happen at some point in the third quarter. Its counterparts in the United States and United Kingdom have both hiked rates in recent weeks as global inflation soared.
Her task is made even more difficult by the fact that Europe is more directly exposed to the economic fallout from the war than the US or UK economies.Move too slowly, and inflation could remain way beyond the bank's 2% target. With growth in the eurozone likely to have remained weak in the first quarter, the region is now staring at stagflation — the nightmare combination of high inflation and a stagnant economy.
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