Report
Has the ECB raised interest rates too much?
Many analysts believe that the ECB has raised interest rates too much, and that these rate hikes have caused activity to stagnate in 2023, and probably in 2024, in the euro zone. We disagree with this idea, since: The unemployment rate in the euro zone is at its lowest; We are still seeing excess demand for goods and major hiring difficulties. The ECB's restrictive monetary policy has not been enough to increase unemployment or to create a shortfall in aggregate demand for goods and services. For this reason, inflation will remain above the 2% target, and the ECB has not raised interest rates too much.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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