The European Central Bank may take a pause before the next interest rate cut if inflationary risks associated with rising energy prices or a further devaluation of the euro materialize. This was stated by Robert Holtzman, a member of the ECB's Governing Council. «We may have to wait longer before cutting rates again,» said Holzmann, who heads the National Bank of Austria. He stressed that rising energy prices and the weakening of the euro could increase inflation: «Some energy prices are going up again. In addition, the devaluation of the euro may also bring back inflationary pressures.» At the same time, Holzman, known for his tough views on monetary policy, ruled out the possibility of returning to raising rates in the current environment. Earlier, the ECB made it clear that further rate cuts are possible, as inflation is approaching the target level of 2%, and the eurozone economy remains sluggish. Holtzman also noted that the future of inflation and economic growth will depend on the impact of U.S. trade policy under the leadership of Donald Trump. «One scenario is that Trump's tariffs will slow global growth, but at the same time increase inflationary pressures,» he explained. According to him, how significant this effect will be depends on the exchange rate.
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