Economy

German economy minister welcomes move to higher interest rates

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© Reuters. FILE PHOTO: German Vice Chancellor and Economy Minister Robert Habeck speaks during a session of Germany’s lower house of parliament, or Bundestag, in Berlin, Germany, June 2, 2022. REUTERS/Michele Tantussi – RC2LJU9ARMV6

BERLIN (Reuters) – German Economy Minister Robert Habeck on Monday welcomed the European Central Bank’s indication last week that it would deliver next month its first interest rate hike since 2011.

“I think it is right that the key interest rate is being lifted,” Habeck told a forum on the eastern German economy.

“The main driver of inflation at the moment is absolutely, clearly the energy price,” he added.

Habeck said the government was working to secure new energy supplies and to promote renewables and more energy efficiency.

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