ECB, Confesercenti: “With the increase in interest rates, companies risk higher costs”

There is talk of “an increase in the cost of loans of at least 9 billion over the next three years”

”The increase in interest rates announced by the ECB risks weighing like a boulder on the accounts of Italian companies, already tried by the pandemic, inflation and expensive energy”. Over the next three years, the higher costs could reach 9 billion euros. This was stated by Confesercenti, in a note, commenting on the decision of the European Central Bank to raise interest rates in the euro area. According to the association’s estimates, the increase in interest rates which, as announced by the president of the ECB Christine Lagarde, will also continue in the coming months, ”means for our companies to suffer an increase in the cost of financing by at least 9 billion over the next three years”.

These figures, observes Confesercenti, ”go to further aggravate the current situation which sees a marked slowdown in the recovery of consumption, with serious consequences on the country’s growth prospects. Between expensive energy and inflation, in fact, in 2022 Italian families were forced to burn 41.5 billion of their savings to maintain their standard of living. And at the end of 2023, the purchasing power of employees will be 2,800 euros lower than in 2021, while for self-employed workers, the spending power would be reduced by 2,200 euros”.

”In this delicate phase concludes Confesercenti- it is essential to act with expansionary economic policies and to support purchasing power and consumption. Starting, for example, with the detaxation of salary increases and the general and substantial decrease in the tax burden”.