Europäischen Zentralbank mit.Europäischen Zentralbank (EZB) nach seiner Sitzung in Frankfurt am Main mit. Es ist die zehnte Zinserhöhung in Folge seit Juli 2022.
Accordingly, the key deposit rate in the financial market, which banks receive when they park excess money at the central bank, also rises from 3.75 to 4.00 percent. This is the highest level since the start of the currency union in 1999.
„The inflation continues to decline. However, it is still expected to remain too high for a long time,“ the ECB justified its decisions. However, ECB President Christine Lagarde admitted that the interest rate move was not unanimous. She stated that there was a „solid majority“ of ECB council members in favor of the increase.
Mit den höheren Zinsen versucht die Notenbank, die hohe Inflation im Euroraum in den Griff zu bekommen. Denn hohe Inflationsraten schmälern die Kaufkraft der Verbraucher. Der private Konsum – und damit eine wichtige Stütze der Konjunktur – wird dadurch gebremst.
High interest rates make loans more expensive and dampen economic growth.
In the past year, inflation was temporarily in double digits due to the Ukraine war. However, since the interest rate turnaround in July 2022, it has already decreased significantly – in August it was at 5.3 percent in the Eurozone. Nevertheless, this inflation rate is still far from the ideal value of two percent that the ECB sees as medium-term price stability. The central bank considers price stability ensured at this level.
Higher interest rates are beneficial for savers: fixed-term deposits and daily deposits could become worthwhile again. However, higher benchmark rates also increase the cost of loans and investments. This can slow down demand and consequently dampen economic growth.
The economy of the Eurozone is actually experiencing minimal growth. Banks are lending less money, and certain industries like construction are facing a crisis. As a result, there have been recent calls for an interest rate pause.
Lagarde erwartet schwaches drittes Quartal für Konjunktur
According to ECB President Christine Lagarde, the economy is expected to remain weak for the time being. She stated that economic activity largely stagnated in the first half of the year following the interest rate meeting. Recent indicators suggest that the third quarter is also likely to be weak. „The economy will probably remain subdued in the coming months.“ Export is suffering due to weak demand, and stricter financing conditions are weighing on growth. It is only with time that more momentum can be expected in the economy as inflationary pressures ease, real wages increase, and consumption picks up accordingly.
The ECB’s revised forecast predicts that the economy in the Eurozone will grow by 0.7 percent this year and 1.0 percent next year. Previously, they had projected a growth of 0.9 percent for 2023 and a rise of 1.5 percent for 2024.
Auch die Inflation wird nach neuer Einschätzung der EZB langsamer zurückgehen als noch vor drei Monaten angenommen. Für das laufende Jahr rechnet die Notenbank nun mit einer Teuerungsrate von 5,6 Prozent – im Juni sah die Prognose noch 5,4 Prozent vor. Für 2024 sagt die Notenbank eine Teuerungsrate von 3,2 Prozent voraus.