“We have great respect for the ECB and we reaffirm its independence, but it is also legitimate to make observations,” said Tajani at the European People’s Party summit in Brussels.
“I have criticised - and not just today - some choices made in the fight against inflation,” he said.
“[Inflation] derives from the cost of raw materials, whereas in the US it comes from a very favourable economic situation, but we believe in the ECB and the European Commission.
“We are pro-European, but we also have the right to participate in the debate,” added Tajani.
The comments came against a backdrop of criticism in Italy following the announcement by ECB President Christine Lagarde of a further interest rate hike in July.
“I don’t think it goes in the direction of growth to keep raising interest rates,” said Tajani on Tuesday.
“In particular I don’t agree with announcements made far in advance, as Lagarde did today,” continued the minister.
“We suffer from different inflation to the US; it is caused by the cost of raw materials due to the war.
“Today raising the cost of money means putting companies in a difficult position. With rates [that are] too high we risk recession.”
In a communication to parliament on Wednesday ahead of the European Council in Brussels, Italian Prime Minister Giorgia Meloni also criticised the move.
“Inflation has returned to hit the economy,” Meloni told lawmakers in the Lower House.
“It is an obnoxious hidden tax that affects the poor in particular.
“It is right to fight it decisively, but the simplistic recipe of raising rates used by the ECB does not appear in the eyes of many to be the right path.
“Rising prices are not the product of an economy that is growing too fast but of endogenous factors, first and foremost the energy crisis.
“The risk cannot be ignored that the constant increase in rates is a cure more harmful than the disease,” concluded Meloni.
ANSA
