The high interest rates of the world’s leading central banks were caused by excessive spending in Western countries, including during the pandemic period. writes about this “Kommersant” Referring to the head of the Ministry of Finance of the Russian Federation Anton Siluanov.
According to Siluanov, at the meeting of finance ministers and central bank governors of G20 countries in Marrakesh, it was concluded that high rates will continue in the medium term. The minister explained this by the unreasonably high costs of Western countries, especially during the Covid-19 pandemic. In addition, the situation was affected by additional inflationary factors.
Russia insisted at the meeting that budgets should be consolidated and budget deficits reduced. According to Siluanov, without this it is not possible to fight inflation and reduce the cost of money. The OECD report states that the global economy is slowing down due to the fight against inflation. Experts attribute persistently high core inflation to the delay in fully reflecting rising energy prices.
Recently, Jamie Dimon, president of the American bank JPMorgan warned The most dangerous time in decades.
former president of the ECB promise Keep the rate high.