Sweden's finance minister Elisabeth Svantesson receives Michael McGrath, Minister for Finance, as he arrives to attend an informal meeting of EU Finance Ministers and central bank governors in Märsta outside Stockholm, Sweden, Photograph: by CAISA RASMUSSEN/TT NEWS AGENCY/AFP via Getty ImagesMinister for Finance Michael McGrath said the European Central Bank should be cautious of the impact on firms and households of raising interest rates, and called on businesses to play their part...
“The monetary authorities have very difficult decisions to make in relation to interest-rate policies,” Mr McGrath said on Saturday, as he arrived for a second day of meetings outside Stockholm between finance ministers and ECB officials including president Christine Lagarde. “As well as the broader economic context, they do also have to take into account the real life impact on people of the decisions that are made,” he added.
While Mr McGrath said he isn’t seeking to tell the ECB what to do, it is unusual for finance ministers to offer even thinly veiled commentary on monetary policy.
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