Area dell'Euro Tasso Di Interesse

Several European Central Bank policymakers expressed their preference for a more substantial increase of 50 bps in key interest rates, according to the accounts of the ECB's May policy meeting. They argued that a more decisive action was necessary to ensure that rates reached a level that would effectively support a timely return of inflation to the target. However, it was also noted that most of those members could accept the proposed rate increase of 25 bps, under the condition that the ECB's communication clearly conveyed a "directional bias" towards further policy tightening if necessary. Regarding the assessment of monetary policy transmission, members acknowledged that there was now stronger evidence that monetary policy measures were effectively influencing financing and credit conditions. However, concerns were raised about the risk of inflation expectations becoming unanchored as various indicators of longer-term inflation expectations had slightly exceeded the 2% threshold.