No 'big opening' for rate cuts in central Europe, IMF says
© Reuters. FILE PHOTO: The logo of the Polish Central Bank is seen on their building in Warsaw, Poland, September 25, 2023. REUTERS/Kacper Pempel
Hungary has cut rates by a combined 500 basis points since May, though its 13% base rate is still the highest in the EU, and Poland - which holds a parliamentary election on Sunday - by 100 bps. "Our policy advice to the region, but it's really to Europe as a whole, is that monetary policy needs to remain restrictive," IMF European Director Alfred Kammer told Reuters.
"If one needs to err, keep tighter for longer because the biggest mistake one can make is that you ease and then you need to go into another tightening cycle," he said in remarks referring to the region as a whole. Kammer said a key issue to monitor would be the persistence of core inflation, driven in part by wage rises, as well as possible commodity price shocks.
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