ROME, July 13 (Reuters) – The European Central Bank is “not very far” from a peak in interest rates following a series of increases, Bank of Italy governor Ignazio Visco said on Thursday.
Interviewed on Italy’s Sky TG24 news channel, Visco repeated his view that it will take time for the impact of rate rises to feed through into the fight against inflation.
Visco also called on banks to set aside money to provide a buffer against risks in the financial sector, rather than returning profits to investors.
The ECB has raised rates at each meeting over the past year, taking its deposit rate to 3.5%, and promised more tightening as it attempts to curb inflation still running at three times its 2% target.
Asked whether rates would have peaked by the end of the year, Visco said that definitely was the case.
Visco, seen as one of the more dovish members of the ECB, steps down at the end of October, and will be succeeded by ECB executive board member Fabio Panetta.
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