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Business Maverick: ECB’s Lane Urges ‘Steady Pace’ of Rate Hikes to Minimize Risks

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European Central Bank Chief Economist Philip Lane urged a “steady pace” of interest-rate increases in fighting record inflation to minimize negative consequences -- seeming to push back after some of his colleagues floated a 75 basis-point hike at next ...

Lane, one of the 25-strong Governing Council’s most-dovish members, said the same overall boost to borrowing costs is less likely to generate adverse effects in the form of a “multi-step calibrated series rather than a smaller number of larger rate increases.

While Lane didn’t spell out whether he’d oppose a 75 basis-point step, his comments suggest officials would need to see the need for a higher “terminal rate,” or high point of the current hiking cycle, for him to support such a move. Among the more cautious voices on the Governing Council is Executive Board member Fabio Panetta, who said last week that policy maker must tread carefully as a significant economic slowdown would ease inflationary pressure.

 

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