The European Parliament has been urged to hold an emergency debate on the European Central Bank's decision to hike interest rates by a quarter of a percentage point, amid MEP warnings the decision risks "widening the gap between the rich and the poor". Portuguese MEP and Left Group member Joao Oliveira issued the call after the ECB last week increased interest rates from 2.25% to 2.5%. Speaking to RTE News last week, the ECB's chief economist and former Central Bank of Ireland Governor Philip Lane said the decision is in part because eurozone inflation currently stands at 3.3% compared to the ECB's 2% target - a situation he argued is a "measured adjustment".
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