ECB suffered a loss of 1.3 billion euros last year, a consequence of its anti-inflation monetary policy. Its last deficit (of 1.6 billion), recorded in 2004, was then due to exchange rate effects linked to the appreciation of the euro.
The bill, caused this time by the sudden rise in interest rates, could have been even steeper. The higher rates have “led to an increase in interest charges” paid to euro zone central banks, which resulted in a bill of 14 billion euros.