ROME (Reuters) – The European Central Bank is an independent institution that does not yield to political pressure, ECB President Christine Lagarde said on Friday, following comments from Italian ministers calling for deeper rate cuts.
“The European Central Bank is an independent institution, this is very clearly stated in the treaties,” stressed Christine Lagarde during a meeting of European Union economy ministers in Budapest.
“We are not subject to any political pressure,” she added.
Italian Industry Minister Adolfo Urso and Foreign Minister Antonio Tajani on Thursday criticized the ECB, accusing it of lacking courage for cutting rates by only 25 basis points.
Antonio Tajani also called for a reform of the founding treaty of the body.
“Today, the European Central Bank is only concerned with fighting inflation, (but) this is not enough, we need a central bank capable of managing the currency to promote growth,” the minister said.
Italy would benefit from a significant cut in ECB rates, as the country borrows heavily on the markets.
(Reporting by Giuseppe Fonte; Writing by Alvise Armellini and Philippa Fletcher, edited by Sophie Louet)
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