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The Austrian Raiffeisen Association criticizes the government's plan to increase the bank levy, calling it "pure arbitrariness" that will hinder economic recovery. Advocate General Erwin Hameseder argues that the measure will restrict banks' ability to provide loans, essential for growth, while Secretary General Johannes Rehulka contends that successful banks are being unfairly penalized. The association also questions the support for the levy from the OeNB Governor, highlighting a contradiction in promoting higher equity while imposing greater burdens on banks.
A debate is ongoing in Austria regarding a proposed bank levy, with Raiffeisen economist Gunter Deuber warning it could further restrict lending amid already low investment levels. In contrast, OeNB head Robert Holzmann supports the levy as a sensible option for budget restructuring, backed by the Chamber of Labor and the Momentum Institute, who argue that banks should contribute to budget consolidation due to their recent profits.
Raiffeisen economist Gunter Deuber cautioned that a proposed bank levy could further restrict already limited lending, despite the current strong capitalization of Austrian banks. In contrast, National Bank Governor Robert Holzmann supports the levy as a "sensible choice" for budget restructuring, while the Chamber of Labor and Momentum Institute advocate for banks to contribute to budget consolidation due to their recent high profits.
Raiffeisen's Gunter Deuber criticized the proposed bank levy, warning it could further restrict lending amid already challenging economic conditions. In contrast, National Bank Governor Robert Holzmann deemed the levy a "sensible choice" for budget restructuring, while the Chamber of Labor and Momentum Institute advocated for banks to contribute to budget consolidation due to their recent profits.
European Central Bank Governing Council member Robert Holzmann emphasized the need for a restrictive monetary policy due to persistent inflation risks. He noted that strong wage gains and geopolitical tensions threaten price stability, making a return to the 2% inflation target uncertain. While a December interest-rate cut seems likely, it is not guaranteed.
European Central Bank Governing Council member Robert Holzmann indicated that a rate cut in December is a possibility, though not guaranteed. He stated, “As things currently stand, the possibility exists... but that doesn’t mean that it will automatically happen.”
European Central Bank policymakers are divided on the potential for a significant half-point interest rate cut in December, following recent back-to-back quarter-point cuts. While some officials, like Mario Centeno and Klaas Knot, see data trends supporting larger cuts, others, including Christine Lagarde and Robert Holzmann, emphasize a cautious approach, focusing on incoming economic data. Inflation in the eurozone has recently dipped below the ECB's 2% target for the first time since June 2021, raising expectations for further rate adjustments.
European Central Bank Governing Council member Robert Holzmann stated that current economic conditions do not warrant a 50 basis point interest rate cut at the upcoming December meeting. He views the recent rate cut as precautionary and believes the decision should focus on either another quarter-point cut or maintaining the current rates.
Robert Holzmann, a member of the European Central Bank's Governing Council, indicated that a quicker-than-expected decline in euro-zone inflation could lead to further interest rate cuts in the near future. He supported last week’s decision to reduce rates by a quarter point, stating it was the correct move and anticipates more cuts ahead.
Robert Holzmann
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