Commenting on the 0.25 point cut in interest rates announced today by the European Central Bank (ECB), ETUC General Secretary Esther Lynch said:
“Interest rates have been too high for too long. That has put further financial strain on workers and put jobs at risk by preventing companies from investing.
“Despite that, the corporate price gouging that caused inflation means working people continue to face high prices, making an already difficult time of the year even tougher for millions.
“That is a dereliction of the ECB’s secondary mandate to support the economic policies of the EU, which are to increase private investment and create quality jobs.
“It is a relief that interest rates are finally coming down but the ECB’s strategy is still too cautious in comparison to the record rate rises which it has imposed over the last two years.
“I call on the ECB to move decisively to relieve the pressure on working people and unlock the investment needed to create quality jobs in a green and digital economy.
“Fundamentally though, the escalating jobs crisis and falling investment show once again the need for fiscal rules which put our workers, industries and planet above arbitrary austerity rules.”
