Press Release: Henrike Hahn MEP (The Greens/ EFA) on today's ECB interest rate hike

Today, the ECB raised key interest rates again by 50 basis points to their highest level since autumn 2008 and intends to raise rates by another 50 basis points in March.

Henrike Hahn, MEP (The Greens/EFA), substitute member of the Economic and Monetary Affairs Committee and shadow rapporteur on the ECB Annual Report 2021, comments on the interest rate hike:

“The renewed increase in key interest rates sends a problematic signal for the green transformation of the economy. Higher interest rates slow down green investments - because they reduce incentives for new, green investments, which face significantly higher upfront financing costs than investments in fossil fuels.

Investments in renewable energies and energy efficiency not only drive forward the green transformation, but also make an important contribution to fighting inflation by reducing our dependence on fossil energy and bringing down energy prices. Therefore, the ECB must now urgently examine how to implement differentiated interest rates for green investments.

I welcome that the ECB wants to focus reinvestments from the corporate bond purchase programme more strongly towards companies with a better climate performance than previously planned.”

I would be happy to answer any further questions.

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