European Central Bank Governing Council member Martins Kazaks said it’s better to err on the side of tighter monetary policy than allow the risk of re-accelerating inflation.
“The risks are now really on both sides — doing too little or doing too much, but I would still err on the side of raising rates,” Kazaks told Bloomberg TV at the Federal Reserve’s annual conference in Jackson Hole on Friday. “We can always cut. If, however, we stopped too early, then of course later on it may require much larger interventions.”
ECB officials are debating whether to pause their historic monetary-tightening campaign as the economic outlook for the 20-nation euro area sours and underlying price pressures appear to have peaked. A new inflation report and a fresh round of economic projections are due before they next meet in mid-September.
Portuguese central-bank chief Mario Centeno struck a more moderate tone, urging his colleagues to move cautiously as downside risks to the economy are becoming a reality.“Core inflation is still quite elevated without a very clear downward trend. So at the current moment, I would still be in no rush to say that we are done”
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