European Central Bank increases interest rates to curb inflation
Jerome Hughes
Press TV, Brussels
There are many in the 19-country eurozone who are barely managing to survive, let alone live. Even for those who have jobs, the cost of living is taking its toll. Mortgage holders will now be paying more as interest rates are going up by 0.5 percentage points.
In times of financial difficulty young people are disproportionately impacted.
Sanctions against Russia over the conflict in Ukraine have pushed up energy and food prices. There will be political consequences and experts say that makes it harder for the EU to function.
Some EU lawmakers warn of widespread strike action in the coming months because the pay is not keeping up with inflation.
It has been suggested that efforts by European Commission President Ursula von der Leyen to reduce EU gas consumption will have a detrimental impact on the most financially vulnerable as the move could push up prices even more.
A number of prominent economists and political scientists have claimed Von der Leyen might well end up being the last European Commission president; suggesting if the eurozone slips into another prolonged recession, the EU will not survive.
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