The European Central Bank can proceed 'with the due caution' in tightening its monetary policy given that short-term inflation expectations dropped sharply and longer-term ones remain under control, a top policymaker said on Saturday.
The ECB has kept its options open about subsequent steps after March, raising doubts among investors about its resolve to keep raising rates to tame inflation.in the deposit rate of between 3.25% and 3.5%, which suggests just one or two moves after the March hike and an end by mid-year.
In the text of his speech on Saturday, Visco said the bulk of corporate debts in Italy paid a floating interest rate, which exposed companies to the increase in borrowing costs. "Looking ahead, a significant increase in loan writedowns cannot be ruled out: ... they could rise, in relation to total loans, from less than half a percentage point to nearly one point this year and in 2024," he said, adding that was still half the peak reached in 2013-2014.
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