Italy's foreign minister defends criticism of ECB interest rate hikes

Italy's Foreign Minister Antonio Tajani said on Friday that it is "fair" to question the European Central Bank (ECB)'s decision to raise interest rates because of its negative effects for markets and households.

Italy's Foreign Minister Antonio Tajani said on Friday that it is "fair" to question the European Central Bank (ECB)'s decision to raise interest rates because of its negative effects for markets and households. "I have always been very skeptical on the decision to raise rates in Europe," Tajani said in an interview on RAI public radio, adding that such moves harm economic growth and arguing that inflation in Europe is largely due to the war in Ukraine.

The remarks from Tajani, who is also deputy prime minister, added to previous criticism from Defence Minister Guido Crosetto and Infrastructure Minister and Deputy Prime Minister Matteo Salvini. Crosetto went further on Friday, tweeting that raising interest rates "makes no sense", while raising capital requirements for banks and tightening sovereign bond purchases - as also announced by the ECB - is "crazy."