Giorgetti is not a Melonian on the ECB

The ECB raised interest rates again, by 0.75 per cent, and its president Christine Lagarde accepted, in a press conference, questions on the criticisms and concerns of various European governments, including the Italian one, regarding the excesses of intensity and speed of monetary policy tightening. Lagarde responded with measured words and with the canonical defense of the bank’s independence, useful not on a whim but to preserve the effectiveness of the only instrument that can be used against inflation. Governments do their part, the Central Bank does its part. Dialectics, criticisms and answers serve to confirm that the system is well built. This scheme allowed Italy’s Minister of Economy, Giancarlo Giorgetti, on his first outing in his new role, to deal with important issues and leave out the minutiae. Giorgetti, in particular, spoke of an expected and discounted rate hike, giving a reassuring signal to the markets.