Eurogroup Pres. Donohoe
Eurogroup President Paschal Donohoe is speaking and says:
- upswing inflation is affecting growth and purchasing power of citizens. Finance ministers are naturally concerned
- There are no signs of significant second round of facts so far
- Monetary policy cannot solve supply constraints
- country specific circumstances will be taken into account, we need to avoid cliff – edge effects in fiscal policy
The ECB has so far not budged on rate rises. The flash CPI estimate surprise the upside of 5.1% which was the highest in 30 years.