European Central Bank Executive Committee Member Panetta: Inflation is slowing rapidly and the time has come to cut interest rates
According to a report from Golden Ten, Panetta, the executive member of the European Central Bank, said that inflation is slowing down rapidly and the time to cut interest rates is coming. The European Central Bank's restrictive monetary policy is suppressing demand and, along with falling energy prices, is causing inflation to fall rapidly. Risks to price stability have declined and conditions for monetary easing are taking shape. ECB officials appear to have reached an agreement to reverse previous interest rate hikes starting in June.
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