ECB interest rates hike sparks fear of deep recession in eurozone
Jerome Hughes
Press TV, Brussels
Many millions of people living across the 27-nation EU are struggling to survive. Brussels resident Jeferson Araujo has endured two rent increases since March. His landlord says her mortgage is going up and so a further rent hike is needed.
In an attempt to bring down soaring inflation, the European Central Bank - which manages the euro - has announced interest rates are going up by a further 75 basis points. That represents a huge increase for people repaying home loans. The economic outlook could get even worse, the ECB warns.
Some EU leaders have warned the ECB that increasing interest rates so aggressively could push the eurozone into a deep recession. Higher rates impede business expansion and employment.
Charities fighting social injustice often point out; all of those taking the decisions that lead to higher inflation and interest rates are insulated from the impact, simply because they are the richest individuals in society.
Critics say the EU's move to cut out Russia's cheap gas, over the war in Ukraine, is backfiring. Despite this, a 9th round of sanctions against Moscow is being prepared.
'Peace' seems to be a dirty word in Western capitals. This, as the US weapons and energy sectors make enormous profits while ordinary EU citizens pay a very high price.
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