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Reuters

ECB policymakers argue for ‘restrictive’ policy despite recession risk

The European Central Bank must power ahead with interest rate hikes to tame inflation and should even push borrowing costs to levels that restrict economic activity, despite rising recession risks, policymakers said on Friday. Starting slowly initially then picking up pace in recent months, the ECB has been unwinding policy support all year and lifted rates by a combined 125 basis points at its past two meetings, the fastest pace of policy tightening on record. “We won’t stop at the neutral rate, we need to keep powering through,” Peter Kazimir, Slovakia’s central bank chief, told Reuters.