BERLIN (Armfalcon.com) – The European Central Bank (ECB) needs to keep raising interest rates to tame the highest inflation in decades, Deutsche Bank CEO Christian Sewing said on Tuesday (23/5).
“This poison has to go away,” he said referring to inflation at an event in Berlin. He warned that inflation was weakening consumption and stifling growth in the long term.
High inflation had a big impact on consumers, Sewing said. At least 30 percent of bank customers can no longer meet their normal expenses with their income and have to use their savings, he said.
Consumers can tap into the savings accumulated during the pandemic, but they will tend to decline, Sewing warned.
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Translator: Apep Suhendar
Editor: Guido Merung
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