«If interest rates rise, banks should increase bonuses for customers’ deposits» – Corriere.it

«If interest rates rise, banks should increase bonuses for customers’ deposits» – Corriere.it

A further increase in interest rates must be accompanied by an increase in bank deposit bonuses for savers. said so The President of the European Central Bank, Christine Lagarde who is on Tg1 He expressed his solidarity with the people of Emilia-Romagna. He said – we have no alternatives. The only tool we have for dealing with excessively high inflation is interest rates. But if this increase increases, the citizens’ deposits and savings should be more rewarded. There is a need for a dialogue between banks and customers,” stressing that “the least privileged and the most fragile are those who pay the highest price for inflation, and we want to return it to 2% as soon as possible.”

until the Economy Minister Giancarlo GiorgettiOn the occasion of the Ecofin meeting in Brussels, he raised the issue and demanded that Italian banks increase interest rates on deposits and adjust them to the ECB’s increases, highlighting the mismatch between lending rates that rose rapidly after the ECB’s monetary tightening, and those. On deposits unchanged, despite monetary policy adjustments. For this reason, there has been talk of the possibility of a tax on additional bank profits for some time.

Just a few weeks ago, in fact, the European Central Bank decided to increase i Interest rates in the euro area 25 cents, bringing the reference rate to 3.75%.. This is the seventh increase in just 10 months, after July 2022, after years of negative rates, the European Central Bank raised the cost of money for the first time from zero to 0.5%.
But not just Europe. toEven the US Federal Reserve approved 24 hours before the European Central Bank Raising the federal funds rate by 25 basis points to a range of 5% to 5.25%.

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