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☆ Ukraine's peace summit lacks clout as Russia, China and others stay away
▼ + stars: | 2024-06-14 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

Ukraine’s President Volodymyr Zelenskyy attends a military honour ceremony on June 7, 2024 in Paris, France. Marc Piasecki | Getty Images News | Getty ImagesUkraine's leadership has been talking about this weekend's peace summit in Switzerland for months, desperately trying to drum up international enthusiasm for — and investment in — Kyiv's peace plan. watch nowRussia has repeatedly slammed the gathering, saying a peace summit without its participation is meaningless. Ukraine's President Volodymyr Zelenskyy accused Russia and China of working together to sabotage the summit and pressurizing other countries not to attend. Dubovyk dismissed the absence of countries like China and Saudi Arabia, saying their presence at previous, similar meetings had not helped to bring peace closer.

Persons: Volodymyr Zelenskyy, Marc Piasecki, wasn't, Russia —, What's, Joe Biden, Kamala Harris, Jake Sullivan, Zelenskyy, Putin, Shelby Magid, Viola Amherd, Ignazio Cassis, Volodymyr Dubovyk, Dubovyk Organizations: Getty, Peace, Kremlin, CNBC, Kyiv, House, Omaha Beach, Anadolu, Council's Eurasia, Ukraine, Swiss, Democratic, Center for Locations: Paris, France, Switzerland, Peace, Ukraine, Swiss, Bürgenstock, Russia, China, Saudi Arabia, Brazil, India, South Africa, Turkey, Europe, Asia, Africa, Latin America, cyberattacks, Central, Eastern Europe, U.S, California, Hollywood, Moscow, Normandy, Ukrainian, Bern, Russian, Kharkiv

☆ Ukraine says China needed for peace process after Davos meeting
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: +2 min

China needs to be involved in talks to end the war with Russia, Ukraine's top representative said after a high-level diplomatic meeting ahead of the World Economic Forum in Switzerland. Ukraine's presidential chief of staff Andriy Yermak said on Sunday it was important that Russian ally China was at the table when Kyiv convenes further meetings on its peace formula. Zelenskiy is due to arrive in Bern, Switzerland on Monday to meet the President of the Swiss Confederation Viola Amherd. We must find ways to work with China on this," Cassis said, adding that both Russia and Ukraine were not willing to make concessions. The role of the Global South in Ukraine's peace formula talks has come into focus in the lead up to Davos.

Persons: Volodymyr Zelensky, Andriy Yermak, Li Qiang, Volodymyr Zelenskiy, Li, Yermak, Viola Amherd, Ignazio Cassis, Cassis, Jamie Dimon, Vladimir Putin Organizations: Economic, Swiss, JPMorgan, Ukraine, Bloomberg News, Dimon, Cuban Missile, European Union, Kyiv, Global, United Nations Locations: Davos, China, Russia, Ukraine's, Switzerland, Ukrainian, Bern, Swiss, Ukraine, Brazil, India, South Africa, Africa, Latin America, East, Asia

Earlier in a statement from the Ukrainian presidency, Yermak said a simple cease-fire wouldn't end Russia's "aggression” on Ukraine: “It’s definitely not the path to peace. “Peace is something that Ukraine needs,” he said during a break in the talks Sunday. He said that the purpose of the talks was to get ready for the moment when Russia might join a peace discussion. He said that neither Ukraine nor Russia was ready to make territorial concessions. “The war is far from over and peace is still nowhere in sight," the Swiss department of foreign affairs said in a statement previewing Sunday's talks.

Persons: Volodymyr Zelenskyy's, Andriy Yermak, Zelenskyy, Yermak, —, “, ”, “ It’s, Ignazio Cassis, Moscow isn't, Cassis, hasn't, that's, ” Cassis Organizations: —, Kyiv, Swiss Locations: DAVOS, Switzerland, Russia, Swiss, Davos, Ukrainian, Europe, Asia, Africa, Ukraine, Moscow, “, Denmark, Saudi Arabia, Malta, russia, ukraine

☆ Be cautious, dove Visco tells ECB on last day as council member
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Acquire Licensing RightsROME, Oct 31 (Reuters) - The European Central Bank (ECB) should be cautious in coming months having hiked rates steeply to curb inflation, Bank of Italy Governor Ignazio Visco said on Tuesday on his last day in office. In a speech to bankers in Rome Visco, long seen as a dove on the ECB's governing council, reiterated his frequent calls for prudence. "I think the (ECB's) orientation to keep rates at current levels for a sufficiently long period of time... is a wise decision," Visco said. Visco will be replaced as Bank of Italy governor by Fabio Panetta, a former member of the ECB executive board.

Persons: Heiko Becker, Ignazio Visco, Rome Visco, Visco, Fabio Panetta, Giuseppe Fonte, Angelo Amante, Gavin Jones Organizations: European Central Bank, REUTERS, Rights, Bank of Italy, Bank of, ECB, Thomson Locations: Frankfurt, Germany, Rome, Bank of Italy

☆ Key takeaways from the IMF/World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +5 min

Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France. Sri Lanka said on Thursday it reached an agreement with the Export-Import Bank of China covering about $4.2 billion of debt, while talks with other official creditors are stalling. There was much talk ahead of Marrakech on revamping the IMF and World Bank to better reflect the emergence of economies like China and Brazil.

Persons: Ajay Banga, Mercy Tembon, Finance Serhiy Marchenko, Ceda Ogada, Kristalina Georgieva, Pierre, Olivier Gourinchas, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen, Kate Donald, Ahmed El Jechtimi, Andrea Shalal, David Lawder, Leika Kihara, Elisa Martinuzzi, Rachel Savage, Jorgelina, Rosario, Balazs Koranyi, Mark John, Christina Fincher Organizations: Bank, Finance, International Monetary Fund, Emerging, Research, HSBC, Reuters, Export, Import Bank of, World Bank, Oxfam International's Washington DC Office, Thomson Locations: Ukraine, MARRAKECH, Morocco, Moroccan, Marrakech, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China, Brazil, U.S

☆ Key takeaways from the IMF-World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.cnbc.com time to read: +4 min

U.S. Secretary of Treasury Janet Yellen arrives for a bilateral meeting on the third day of the International Monetary Fund and World Bank annual meeting, in Marrakech, Morocco, October 11, 2023. Susana Vera | ReutersOvershadowed by fresh Middle East violence and hosted by a country still recovering from an earthquake, the week-long annual meetings of the International Monetary Fund and World Bank wrapped up on Saturday. Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer-term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France.

Persons: Janet Yellen, Susana Vera, Pierre, Olivier Gourinchas, Italy —, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen Organizations: International Monetary Fund, Bank, Reuters, Emerging, Research, HSBC, Export, Import Bank of Locations: Marrakech, Morocco, Moroccan, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China

☆ Silvio Berlusconi, Italy's former showman leader, dies at 86
▼ + stars: | 2023-06-12 | by ( Valentina Di Donato Barbie Latza Nadeau Laura Smith-Spark Peter Wilkinson Antonia Mortensen Rob Picheta | Valentina Di Donato | Barbie Latza Nadeau | ) edition.cnn.com time to read: +18 min

Umberto Cicconi/Hulton Archive/Getty Images Berlusconi swims at a Tunisian beach in 1984. Umberto Cicconi/Hulton Archive/Getty Images Berlusconi leaves a 1985 news conference in Paris. Franco Origlia/Hulton Archive/Getty Images Berlusconi announced in November 1993 that he would be entering the world of politics. Franco Origlia/Hulton Archive/Getty Images Berlusconi waves while attending a European Council meeting in Corfu, Greece, in June 1994. Vittorio Zunino Celotto/Getty Images Berlusconi hands the Berlusconi Trophy to AC Milan's Massimo Ambrosini in August 2011.

Persons: Rome, Rome CNN — Silvio Berlusconi, Christ, ”, Berlusconi, Milan’s, Benito Mussolini, “ Il Cavaliere ”, Milan, Giorgia Meloni, Matteo Salvini, Silvio Berlusconi, Alessandra Benedetti, Eric Vandeville, Indro Montanelli, Umberto Cicconi, Italy's, Michel Clement, Francis Apesteguy, Veronica Lario, Franco Origlia, Langevin Jacques, Sygma, Cesare Previti, Pope John Paul II, Bill Clinton, Hillary Clinton, Veronica, William Stevens, Barbara, Eleonora, Oscar Scalfaro, Patrick Hertzog, Romano Prodi, Alberto Pizzoli, Giuseppe Cacace, Gregorio Borgia, Associated Press Berlusconi, Vittorio Zunino Celotto, Massimo Ambrosini, Claudio Villa, Dan Kitwood, preliminarily, Filippo Monteforte, Alessia Pierdomenico, Remo Casilli, Reuters Berlusconi, Giuseppe Lami, Angelo Carconi, Emanuele Cremaschi, Tiziana Fabi, Luigi Brugnaro, Renato Brunetta, Piero Cruciatti, Hungary’s Viktor Orban, Britain’s Boris Johnson, Donald Trump, “ Berlusconi, ” Severgnini, ” Meloni, Claudia Greco, Prodi –, –, Berlusconi’s, Ignazio La Russa, “, Gianfranco Fini –, FILIPPO MONTEFORTE, Vladimir Putin, Volodymr Zelensky, Nobel, salesmanship ’, Jesus Christ, Severgnini, il, salesmanship, Francesca Pascale, Del, Pavarotti, ” Berlusconi, Marina, Carla Dall’Oglio, Luigi Organizations: Rome CNN, Milan’s San Raffaele, Forza Italia, Freedom, Italian, Getty, Canale, AC Milan, Berlusconi, Romano, Associated Press, Associated, Bloomberg, Reuters, Venice, Anadolu Agency, RAI, Media, Milano, Milan –, world’s, Forza Italia Party, Forza, soccer team, Northern League Party, European, Union coalition, Sporting, della, PM, “, ”, Del Monaco Locations: Milan, Paris, AFP, Naples, Italy, Rome, Corfu, Greece, Tatanto, Cannes, France, Italy's, Venice, Italy's Senate, Monza, Lombardy, ”, L’Aquila, Milan’s, Italian, Europe, Ukraine

☆ Morning Bid: Hawkish pause for thought?
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

Asian equities are carrying on the global rally, setting Europe up nicely to do the same. The Fedspeak that has been such a big driver of markets in recent weeks, will go quiet in the days ahead with officials in a blackout period. There's been a slight pullback in expectations for further tightening after last week's data showed euro-area CPI cooling more than analysts predicted. Lagarde said that day that there was still "ground to cover" in the tightening cycle. The lira weakened more than 1% to 21.12 per dollar in thin Asian trading, approaching the record low of 21.80 marked last week.

Persons: Kevin Buckland, Chris Weston, Christine Lagarde, There's, Lagarde, Ignazio Visco, Brent, Tayyip Erodogan, Mehmet Simsek, Sam Holmes Organizations: Fed, Reuters Graphics Reuters, ECB, Economic, Monetary Affairs, Bank of Italy, PPI, Thomson Locations: Europe, United States, Saudi Arabia, OPEC, Germany, Switzerland, Spain, Italy, France

☆ ECB's Visco says falling energy prices should help tame inflation
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +2 min

ROME, June 3 (Reuters) - The rapid decline in energy costs should help to tame inflation in Europe, Bank of Italy governor Ignazio Visco said on Saturday, urging companies not to seek to boost their margins by leaving prices higher for longer. Visco, a member of the European Central Bank's governing council, said the key issue was what happened to inflation now that energy prices had retreated from peaks hit after last year's Russian invasion of Ukraine. Core inflation, which excludes volatile food and fuel prices and which has played an increasing role in the ECB's policy deliberations, fell to 5.3%. Visco warned against a wage-price spiral, saying salary rises should come against a backdrop of a growing economy rather than chasing inflation. "It is not in the interest of companies themselves ... to fail to reflect the lower cost of energy in their prices because then the cost of financing would rise," he added.

Persons: Ignazio Visco, Visco, Keith Weir, Giles Elgood Organizations: Bank of Italy, European Central, ECB, Thomson Locations: Europe, Ukraine, Turin

☆ Morning Bid: Back to data watching, with US debt bill on track
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

Unfortunately, there's little respite on that front given disappointing economic activity and persistently elevated inflation data out of Asia. China's official PMIs indicated a faster-than-expected contraction in manufacturing activity and slower growth in services in May. That followed consistently weak economic releases for April, suggesting the post-COVID reopening bounce has run out of steam. China economyAsian stock markets fell and even U.S. equity futures turned negative despite the debt ceiling reprieve, while China's yuan promptly skidded to fresh six-month lows, giving the U.S. dollar a broad boost. But much of the focus will, of course, be on the House debate over the debt ceiling bill.

Persons: Sonali Desai, Philip Lowe's, Italy's, Ignazio Visco's, Catherine Mann, Muralikumar Organizations: Sonali, Reserve Bank of Australia, U.S, CPI, Central Bank's, Bank of Italy, Bank of England MPC, Nordstrom, Thomson Locations: Asia, China, Korean, Ukraine, France, Germany, Italy, U.S, Italian

☆ Switzerland shuts embassy in Sudan for security reasons
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 24 (Reuters) - Switzerland has closed its embassy in Khartoum and evacuated staff and their families over the security situation in Sudan, the Swiss foreign ministry said on Twitter. "Our staff and their families have been evacuated and are safe," Foreign Minister Ignazio Cassis tweeted late on Sunday. The Foreign Ministry said seven embassy staff and five accompanying people had been evacuated. Work was continuing to help Swiss nationals stuck in Sudan. The Swiss foreign ministry on Friday there were about 100 Swiss nationals registered in Sudan while others are thought to be visiting the Red Sea area as tourists.

☆ Morning Bid: Oil price relapse
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

Although oil prices have not yet reversed all their gains from OPEC move, Brent is down more than 5% over the past week and the year-on-year deflation in oil prices is running at 24%. And there's also signs oil loading from Russia's western ports this month is rising to the highest since 2019 -= despite Moscow's pledge to cut output. Tesla (TSLA.O) shares dropped 2% after the electric-vehicle maker's sixth U.S. price cut this year. Helped by the oil price retreat, 2-year U.S. Treasury yields fell back almost 10 basis points to 4.19%. VIX and bear marketsShare price performance, earnings and sales for TeslaReuters GraphicsReuters GraphicsBy Mike Dolan, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Banking crisis forces ECB policymakers to rethink rate hikes, but focus still firmly on inflation
▼ + stars: | 2023-04-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

A sign for the European Central Bank (ECB) outside the bank's headquarters in Frankfurt, Germany, on Thursday, Feb. 2, 2023. Alex Kraus | Bloomberg | Getty ImagesEuropean Central Bank policymakers are reconsidering the path of interest rate hikes in light of last month's banking turmoil, but remain committed to reining in core inflation. However core inflation — which excludes volatile energy, food, alcohol and tobacco prices — rose to an all-time high of 5.7%. But he said policymakers will be examining the data for signs that core inflation is coming down and the bank's medium-term inflation target of 2% is within sight. So yes we are worried about the core inflation not yet peaking," Scicluna said.

☆ European banks 'doing OK' but contagion still a risk, Bank of Italy governor says
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEuropean banks 'doing OK' but contagion still a risk, Bank of Italy governor saysIgnazio Visco, governor of the Bank of Italy and member of the European Central Bank's governing council, discusses the Italian and wider European banking sectors, the outlook for the EU economy and next steps on monetary policy.

☆ A top tip for central banks: talk less, smile more
▼ + stars: | 2023-04-11 | by ( Ben Winck | ) www.reuters.com time to read: +8 min

WASHINGTON, April 11 (Reuters Breakingviews) - Investors hang on central bankers’ every word, hoping to gain an edge for their next trade. But with consumer prices rising at the fastest pace in decades, central bankers can’t easily cut borrowing costs, either. Chatty central banks are a relatively new phenomenon. Investors are also more sensitive to central banks today than in years past. Still, being more careful about what’s said, and how it’s said, could help central banks better balance their priorities.

☆ Italy's Visco raps ECB colleagues in widening hawk-dove divide
▼ + stars: | 2023-03-08 | by ( Gavin Jones | ) www.reuters.com time to read: +2 min

ROME, March 8 (Reuters) - European Central Bank governing council member Ignazio Visco on Wednesday criticized some fellow policymakers for comments on future interest rates that diverged from what had been agreed at ECB meetings. "For this reason I don't appreciate comments by my colleagues regarding future and prolonged increases in rates," Visco added, in unusually blunt remarks that highlight a widening rift at the Frankfurt-based ECB. Visco said that while the ECB had managed to stabilise inflation expectations, geopolitical uncertainties meant economic developments were hard to predict. Other governing council members, considered policy hawks who attach overriding importance to curbing inflation even if it means hurting growth and employment, have gone further. The ECB has no policy meeting in April.

☆ Morning Bid: Brisk China activity sets the mood
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

Data from France and Spain on Monday highlighted the sticky nature of inflation, weighing on the continent-wide STOXX 600 index. The index was one of the few to eke out meagre gains for the month of February. March also brings us the next set of central bank meetings, with investors expecting the ECB to hike interest rates by 50 basis points, taking the benchmark rate to 3%. The central bank is due to meet on March 16. But before that, investors will parse through a raft of economic data, including S&P global manufacturing PMIs for the Eurozone, Germany and France later in the day.

FRANKFURT, March 1 (Reuters) - The European Central Bank's top three shareholders charted different paths for interest rates on Wednesday, in a preview of the difficult debate awaiting the ECB in the coming weeks. Bundesbank President Joachim Nagel appeared to back those expectations, anticipating "further significant interest rate steps" after March, when the ECB has already pencilled an increase worth half a percentage point. "The interest rate step announced for March will not be the last," Nagel, a policy hawk who favours higher rates, said in a speech. "Further significant interest rate steps might even be necessary afterwards, too." Based on national data out already, Barclays predicted that underlying inflation could accelerate to 5.4% from 5.3%.

☆ Morning Bid: Markets March on China boomlet
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +5 min

And after a bruising setback for stocks and bonds in February, investors now have to assess whether the unfolding economic rebound is sustainable given the eye-watering revision that it's forcing in inflation and interest rate expectations. This is emboldening both the hawks at the European Central Bank and markets keen to re-price the interest rate horizon. Money markets have already moved beyond that and now price peak ECB rates at year-end almost 150 bps higher at 3.90%. Even though U.S. consumer confidence and housing data on Tuesday questioned some of the reheating narrative, markets now assume peak Federal Reserve rates will be as high as 5.42% by July. And homebuilder Persimmon (PSN.L) dropped almost 10% after it warned the housing slowdown and higher mortgage rates would hit profit and home-building targets.

☆ Migrant boat breaks apart off Italy; dozens are dead, 80 survive
▼ + stars: | 2023-02-26 | by ( ) www.cnbc.com time to read: +7 min

Rescuers recover a body after a migrant boat broke apart in rough seas, at a beach near Cutro, southern Italy, Sunday, Feb. 26, 2023. Rescue officials say an undetermined number of migrants have died and dozens have been rescued after their boat broke apart off southern Italy. The Italian Coast Guard said at least 80 people were found alive, "some of whom succeeded in reaching the shore after the shipwreck." One survivor was taken into custody for questioning after survivors indicated he was a trafficker, Rai state TV said. "It's an enormous tragedy," Crotone Mayor Vincenzo Voce told RAI state TV.

☆ Factbox: Key ECB policymaker comments since Feb rate hike
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +4 min

By smoothing our policy rate hikes – that is, moving in small steps – we can ensure that we calibrate (policy) more precisely. Boris Vujcic, Croatian central bank governor, Feb. 10"I would agree that we are likely to see more rate action beyond March." Joachim Nagel, German central bank chief, Feb. 7"From where I stand today we need further, significant rate hikes." Pierre Wunsch, Belgian central bank chief, Feb. 3"I don’t think we're going to move from 50 basis points (in March) to zero. Gediminas Simkus, Lithuanian central bank chief, Feb. 3"The March rate hike is not the last one.

☆ ECB must avoid unnecessary rise in real interest rates - Visco
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

ROME, Feb 11 (Reuters) - The European Central Bank (ECB) must avoid pushing real interest rates too high, given the level of private and public debt in the euro area, a top Italian policymaker said on Saturday. The ECB has raised interest rates by 3 percentage points since July and promised a 50 basis-point hike for March. "Today, disinflation is obviously needed, but given the levels of private and public debts that prevail in the euro area, we must be careful to avoid engineering an unnecessary and excessive rise in real interest rates," Visco told the Warwick Economics Summit. Politicians in Italy have expressed concerns about the impact of rising interest rates given the country's huge debts. Visco said ECB rates must continue to rise "in a progressive but measured way, on the basis of the incoming data and their use in the assessment of the inflation outlook".

☆ Morning Bid: Hot air
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +3 min

Still, stocks rallied and bond yields fell as markets priced in lower rates. Now, it appears that some of these expectations were a load of hot air. The U.S. jobs data showed the unemployment rate hit more than a 53-1/2-year low of 3.4%. U.S. stock futures traded lower and FTSE futures indicated a weaker start for British stocks (.FTSE), which vaulted to a record high on Friday. European index futures also traded lower.

ECB Governing Council member Ignazio Visco, who is also the Bank of Italy's governor, warned that an excessive tightening would have "serious implications" for economic activity and financial stability. He reiterated that he saw this as a risk that carried the same weight as the danger of a too gradual tightening. "The policy tightening can now continue with the due caution, carefully assessing the implications for the economy and inflation prospects of the measures that have already been adopted," Visco told the annual conference of Italy's Assiom-Forex financial markets association. The ECB has kept its options open about subsequent steps after March, raising doubts among investors about its resolve to keep raising rates to tame inflation. Banking supervisors are monitoring specifically credit risks but also liquidity and refinancing risks, Visco said, adding there was a danger that higher rates fed into banks' funding costs more rapidly than in the past.

[1/3] Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. The Dutch and Slovak central bank governors gave explicit support for a bigger move in March while ECB President Christine Lagarde also appeared to back such an increase. But it is not a reason to slow the tempo of raising interest rates," Kazimir said in a statement on Monday. "I am convinced that we need to deliver two more hikes by 50 basis points." Economists polled by Reuters expect the ECB to deliver 50 basis point interest rate rises at each of its next two meetings.

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