Spain PM Calls For 'Responsibility' And 'Prudence' From ECB
Saturday June 7th, 2008 / 21h48
MADRID (Dow Jones)-Spanish Prime Minister Jose Luis Rodriguez Zapatero Saturday called for "responsibility" from the European Central Bank after ECB President Jean-Claude Trichet Thursday said the central bank could raise its key policy rate in July. "We all respect the independence of the ECB, but we expect responsibility. It's evident that yesterday there were rises in the Euribor (reference lending rate) and oil prices that were probably excessive and that followed some statements from the ECB president the previous day," Zapatero said at a meeting with journalists. The comments were broadcast by Cadena Ser radio station. "I think a bit more prudence is in order," Zapatero said. Though the ECB is focused on taming soaring euro-zone inflation, its hint it could hike interest rates has put it on a collision course with the politicians in euro-zone countries hardest hit by the global economic slowdown. "This scenario of higher interest rates will raise problems for many Portuguese families who are in debt," Portuguese Finance Minister Fernando Teixeira dos Santos told reporters on Friday. Portugal was the first euro-zone economy to post a contraction of growth in the first quarter. In Spain, the country's once-booming economy has slowed sharply this year under the weight of large accumulated debt loads and tougher financing conditions in the wake of the U.S. subprime mortgage crisis. Following Trichet's comments Thursday, the 12-month Euribor rate surged to a record high of 5.418% Friday. Over 90% of Spain's mortgages are indexed to the 12-month Euribor. -By Jonathan House, Dow Jones Newswires; +34 619 93 39 52; jonathan.house@dowjones.com
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