The European Central Bank (ECB) raises the interest rate from 3 to 3.5% despite the chaos in the financial sector. A measure with which Gonzalo Bernardos believes that “he was wrong”as he has maintained in Más Vale Tarde.
“The problem is that the ECB is very wrong. In the midst of the liquidity crisis of the banks, in July 2008, the ECB raised interest rates from 4 to 4.25%, and that meant that many families could not reach the final month because the Euribor reached its all-time high”, the expert recalled.
On this occasion, Bernardos acknowledges that Christine Lagarde has complied with what she promised to raise the interest rate, but warns that even if there is no problem in European banks, some German, Italian or French bank they might have a problem. “If the ECB does not act preventively, this little problem could be bigger. The action taken seems unfortunate to me,” she added.
Thus, he points out that it is an “inconsistency” that money is removed from the market by raising interest rates while telling European banks that if things go wrong the ECB will put money. “Before removing it, leave it as it is and you will make things not go badly or go better,” says the economist.