Ireland South MEP calls for reform of the European Central Bank

An Ireland South MEP has called for reform of the European Central Bank.

Billy Kelleher says the current mandate of price stability and 2% inflation rule may no longer be fit for purpose.

The Fianna Fáil MEP, who is a member of the ECON committee, (European Parliament’s Economics and Monetary Affairs committee), says the ECB’s primary objective is to maintain stability.

However, he says the last 18 months of rate hikes to force down inflation, shows decision makers don’t understand the pressures on people.

MEP Kelleher says homeowners and businesses can’t take any more interest rate rises, and the ECB needs more emphasis on economic growth and price stability.