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MEP Demands Emergency Debate After ECB Rate Hike

By Drooid · Sep 18, 2026, 11:46 PM UTC · How we work

Summary

Story summary

Joao Oliveira, MEP, demanded an emergency Parliament debate on the ECB rate hike.
The ECB raised its key rate from 2.25% to 2.5% last week.
Philip Lane said the increase targets eurozone inflation of 3.3% versus a 2% goal.
Oliveira warned the hike could widen the rich-poor gap and raise costs for workers and SMEs.
Oliveira said households cannot afford fuel or rising house prices after the policy change.

History

Historical Context

Created in 1999 with Wim Duisenberg as its first president, the ECB first tightened policy in 2011 and then raised its main refinancing rate in July 2022 as euro-area inflation surged to 8.9%. That early tightening frames today’s 2024 rate hike, which MEP João Oliveira and chief economist Philip Lane say could widen income gaps across the Eurozone.

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Story summary

Joao Oliveira, MEP, demanded an emergency Parliament debate on the ECB rate hike.
The ECB raised its key rate from 2.25% to 2.5% last week.
Philip Lane said the increase targets eurozone inflation of 3.3% versus a 2% goal.
Oliveira warned the hike could widen the rich-poor gap and raise costs for workers and SMEs.
Oliveira said households cannot afford fuel or rising house prices after the policy change.

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