By Angelo Amante and Gavin Jones
ROME Italian Prime Minister Giorgia Meloni on Wednesday criticised the European Central Bank over its repeated interest rate hikes, saying it was following a "simplistic" approach that could do more harm than good.
The ECB raised its interest rates to their highest level in 22 years this month and said a ninth consecutive rate hike was all but guaranteed in July as it predicted inflation would stay above its 2% target through the end of 2025.
"It's right to decisively fight inflation but to many people the simplistic recipe of rate hikes followed by the ECB doesn't seem to be the right path," Meloni told parliament.
Meloni is the latest and most senior of a series of Italian government members who have taken aim at the ECB since it began its monetary tightening campaign.
Environment and Energy Minister Gilberto Pichetto Fratin said in an interview with La Stampa daily on Wednesday that "excessive" ECB rate hikes may prove to be a "boomerang."
On Tuesday Foreign Minister Anonio Tajani said the ECB's repeated rate rises were "not in the interest of growth".
Conversations with seven rate-setters at the ECB's annual forum in Portugal this week, showed most expected it to increase borrowing costs again at both its July and September meetings despite signs the euro zone economy is flagging.
Italy's representatives have been among the most dovish voices on the ECB's rate-setting governing council in the shape of its ECB board member Fabio Panetta and Rome's central bank chief Ignazio Visco.
Visco steps down at the end of October, and the government on Tuesday proposed Panetta to replace him, leaving a vacant spot on the ECB's 6-man board in Frankfurt.
As the bloc's third largest economy Italy has always had a seat on the board. Even though this is not an automatic right, Tajani told reporters on Wednesday he was "optimistic" it would retain a representative when Panetta leaves.
(Editing by Crispian Balmer)
