Italian economy minister says ECB rate hike worries Rome

Giancarlo Giorgetti, Italy's Minister of Economy and Finance, noted in a statement on Saturday that the possibility of another rate hike by the European Central Bank (ECB) is worrying for heavily indebted states, including Italy.

In his speech at an event in Rome, Giorgetti added that Italy has enjoyed a favorable environment with interest rates near zero for a number of years, but now the situation is changing.

On Thursday, as expected, the ECB raised its key rate by 0.5%. However, there were reports of another increase in the coming months, which dashed hopes for an end to the cycle of rate hikes.

In addition, the ECB was criticized by ministers of the Italian rightist government for increasing financial pressure on one European country with the largest debt. According to Matteo Salvini, Deputy Prime Minister and one of the leaders of the League, the European Central Bank's actions are "unbelievable, baffling, worrying."