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ECB’s De Cos is not foreseeing an interest rate hike in 2023 By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: The headquarters of the European Central Bank (ECB), can be seen in Frankfurt, Germany on March 7, 2018. REUTERS/Ralph Orlowski/File Photo

MADRID (Reuters) – The European Central Bank is not foreseeing an interest hike in the euro zone in 2023, ECB policymaker Pablo Hernandez de Cos said on Friday.

De Cos’ comments came as Philip Lane, chief economist at the ECB, revealed to German economists in a private meeting that the ECB expects to achieve its 2% inflation target by 2025. The Financial Times reported on Thursday that De Cos made the remarks. This report was partially disputed by the bank.

De Cos said, without commenting on the inflation goal, that “the conclusion drawn from this article was that interest rates could increase in 2023 which clearly is ahead of what is expected by the market today.”

De Cos stated that three conditions required by the ECB to predict an increase in interest rates were not fulfilled. He added: “The apparent conclusion of the journalist is fundamentally not compatible with our forward guidance.”

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