# Fabio Panetta: Mind the step - calibrating monetary policy in a volatile environment

> ECB Executive Board member Fabio Panetta argued in a November 3 speech that the euro area faces unprecedented supply shocks from the pandemic and Russia's war in Ukraine. He said the ECB has raised rates by 200 basis points across three meetings, the fastest hike in its history, and that further tightening is warranted.

- Date: 2022-11-03 · published 2022-11-03T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/38897-fabio-panetta-mind-the-step-calibrating-monetary-policy-in-a-volatile
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Continued ECB tightening supports the euro and raises borrowing costs for European livestock and feed operators, while the energy-driven inflation backdrop underpins input costs across the feed chain.

## Read by commodity

- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2017-09-07 | [ECB cites inflation-dampening euro rate as policy factor](https://feedsoft.ai/events/69161-ecb-cites-inflation-dampening-euro-rate-as-policy-factor.md) | -0.4% | -1.5% |
| EURUSD | 2022-05-26 | [ECB policy indicates the euro will avoid parity with the dollar \| FrontierView](https://feedsoft.ai/events/41610-ecb-policy-indicates-the-euro-will-avoid-parity-with-the-dollar-frontierview.md) | +0.7% | -1.1% |
| EURUSD | 2018-03-20 | [Euro Rally Could "Extend in Coming Days" - Analysts React to Reports of Shift in ECB Interest Rate Policy](https://feedsoft.ai/events/66202-euro-rally-could-extend-in-coming-days-analysts-react-to-reports-of-shift-in.md) | +0.9% | +0.4% |
| EURUSD | 2018-12-20 | [Commentary: Fed still the only hiker in town, but dollar refuses to play ball](https://feedsoft.ai/events/61743-commentary-fed-still-the-only-hiker-in-town-but-dollar-refuses-to-play-ball.md) | +0.2% | -0.3% |
| EURUSD | 2024-07-31 | [EUR/USD rises to 1.0830 as Eurozone Inflation accelerates, Fed policy eyed — Octa](https://feedsoft.ai/events/29486-eur-usd-rises-to-1-0830-as-eurozone-inflation-accelerates-fed-policy-eyed-octa.md) | +1.1% | +3.2% |

## Sources

- bis.org: https://www.bis.org/review/r221103h.htm

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.