ECB warns on property prices while record inflation spells trouble for banks, governments via IrishTimesBiz
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Officials expressed concern that further price swings could cause more problems in derivatives markets, which have already been roiled by the upsurge in energy costs. Margin calls played a role in the UK’s recent financial turmoil after the government abruptly announced sweeping tax cuts. Following large expenditure during the Covid-19 pandemic, euro-area governments have spent the equivalent of about 1.4 per cent of output to soften the impact of the energy shock, the ECB estimates. It warned that “most of these measures are untargeted,” doubling down on advice that aid should be temporary and aimed at those most in need.
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