ECB officials change to more hawkish tone

Banque de France governor François Villeroy de Galhau

European Central Bank officials have adopted a more hawkish tone over the past week, signalling an interest rate increase is likely in July.

Hawkish voices such as the Deutsche Bundesbank president, Joachim Nagel, have been joined by more moderate governing council members in calling for near-term rate increases.

“From today’s perspective, a rate increase in July is possible in my view,” said executive board member Isabel Schnabel in an interview on May 3.

The main factor behind the change is

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