ECB raises rates amid Italian turmoil
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 22 July 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Italian Prime Minister Mario Draghi resigns, the European Central Bank raises interest rates for the first time in more than a decade, Russia and Ukraine reach a deal to end a month-long grain blockade, and the FT’s Katie Martin explains why markets might rally when they see signs of a recession in corporate earnings reports.
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Mentioned in this podcast:
Italy president calls snap elections after Draghi quits as PM
Deal on table for release of millions of tonnes of grain from Ukraine ports
ECB raises rates for first time in more than a decade
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from the Financial Times. Today is Friday, July 22nd, and this is your FT News Briefing. |
| 0:18.4 | Italy changes prime ministers a lot, but when Mario Draghi steps down, investors get worried. |
| 0:25.3 | The European Central Bank finally made its move against inflation yesterday |
| 0:29.6 | and Ukraine and Russia may have a done deal on green exports. |
| 0:34.0 | Plus, we'll look at why a whiff of a recession might cause a stock market rally. |
| 0:39.8 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:49.8 | Mario Draghi threw in the towel and resigned yesterday as Italy's prime minister. |
| 0:54.5 | Draghi quit after key political parties boycotted a confidence vote in his leadership. |
| 0:59.8 | The resignation caused Parliament to dissolve. Snap elections will take place in September. |
| 1:04.8 | Draghi is going to be caretaker prime minister until then. |
| 1:07.8 | Our Rome correspondent Amy Cazman explains why investors are a little nervous. |
| 1:12.7 | Actually, investors are incredibly nervous and they do not like what has happened one bit. |
| 1:18.8 | Global markets and investors have a lot of confidence in Mario Draghi. |
| 1:24.0 | He is famous for essentially saving the euro a decade ago in the euro zone crisis. |
| 1:31.6 | Many of them had placed high hopes that he was going to be able to undertake very serious |
| 1:37.9 | economic reforms of Italy's economy and put it on a higher growth trajectory, |
| 1:43.3 | which is important for the sustainability of its high public debt. |
| 1:48.2 | But his exit will raise questions about the reform agenda that he's agreed |
| 1:53.7 | and about Italy's ability to access all of its share of a 750 billion euro COVID recovery fund. |
| 2:03.5 | Italy is supposed to get 200 billion euro out of that, the largest single recipient of the |
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