عربي English Türkçe اردو فارسى
Logo
Latest News
Business

ECB's Lagarde Rejects 'Political Pressure' after Italy Seeks Bigger Rate Cuts

President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
TT
TT

ECB's Lagarde Rejects 'Political Pressure' after Italy Seeks Bigger Rate Cuts

President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)

The European Central Bank (ECB) is an independent institution not subject to any political pressure, its President Christine Lagarde said on Friday, rebuffing Italian calls for bigger interest rate cuts.

Two Italian government ministers had criticized the ECB on Thursday as the Frankfurt-based euro zone central bank cut its deposit rate by 25 basis points to 3.50%, and accused it of a lack of courage.

"The European Central Bank is an independent institution, it's very clearly stated in the treaties," Lagarde said at an informal meeting of EU economy ministers in Budapest.
"We are not subject to political pressure of any sort," she added, according to Reuters.
Italy, with the highest borrowing costs in the euro zone and the bloc's second highest public debt as a proportion of national output, has much to gain from a steep fall in ECB rates.
Foreign Minister Antonio Tajani, one of the members of Prime Minister Giorgia Meloni's government who spoke out against the ECB, also called for the bank's founding treaty to be reformed.
"Today the European Central Bank is only concerned with fighting inflation, (but) it is not enough, we need a central bank that can manage the currency to promote growth," Tajani said.
Speaking on Thursday, Lagarde suggested to reporters that the bar for another cut next month was relatively high, highlighting that policymakers would be unlikely to have enough data to determine whether further easing was appropriate.

Most Viewed

 
 
Business

SDAIA Concludes GAIN Summit in Riyadh with Local, Int’l Agreements

The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. SPA
The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. SPA
TT
TT

SDAIA Concludes GAIN Summit in Riyadh with Local, Int’l Agreements

The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. SPA
The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. SPA

The third edition of the Global AI Summit (GAIN Summit), organized by the Saudi Data and Artificial Intelligence Authority (SDAIA) from September 10 to 12 at the King Abdulaziz International Conference Center in Riyadh brought together hundreds of specialists and enthusiasts in artificial-intelligence (AI) technologies and applications worldwide under the theme "Artificial Intelligence for the Good of Humanity."

AT the summit, SDAIA President Dr. Abdullah bin Sharaf Al-Ghamdi highlighted the Saudi leadership's commitment, under the guidance of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Chairman of the SDAIA Board of Directors, to position Saudi Arabia as a leader in the field of AI.

The summit included panel discussions and workshops featuring experts from various sectors and global companies specialized in AI applications. The sessions unveiled the latest developments in the field, emphasizing that innovations in AI have far-reaching impacts not just technologically but also on geopolitical, political, and legislative domains. Furthermore, it was stressed that developments in AI should align with sustainable development and equality in education.

Several AI initiatives, programs, and products were unveiled during the summit, and agreements and memoranda of understanding (MoUs) were signed to bolster its applications and development within the Kingdom.

The third edition of the GAIN Summit concluded with a speech by National Information Center Director Dr. Esam bin Abdullah Al-Wagait, who highlighted the participation of 465 speakers and participants from over 100 countries and how the summit explored the latest developments shaping the future of AI.

Moreover, he underscored the global significance of announcements made during the summit, such as the work of the United Nations (UN) High-Level Advisory Body on Artificial Intelligence, the partnership of the UN International Telecommunication Union (ITU) with the Kingdom to develop a global framework for AI readiness, and the announcement of the Riyadh Charter on Artificial Intelligence for the Islamic World issued by the Islamic World Educational, Scientific and Cultural Organization (ICESCO) in collaboration with the Organization for Economic Co-operation and Development (OECD) on the Observatory on Artificial Intelligence.

Al-Wagait also highlighted important AI projects that emerged during the summit, including the Arabic Large Language Model (ALLaM), aimed at developing the best large Arabic language model in the world, and the cooperation with NVIDIA to expand the scope of AI infrastructure using 5,000 graphics processing units. Additionally, educational integration initiatives were announced, such as cooperation with the Ministry of Education to integrate the ALLaM Model into the Kingdom's education system, providing support tools for teachers and leveraging AI technology for self-learning.