A group of 39 MEPs led by João Oliveira (The Left) has submitted a parliamentary question to the European Commission, challenging the European Central Bank's 11 June 2026 decision to raise interest rates by 25 basis points. The MEPs argue the move fails to address the root causes of inflation—supply chain disruptions from the US-Israel military aggression against Iran and speculation—while worsening living costs for families, workers, and SMEs, and boosting bank profits.
The question, filed on 24 June 2026 under Rule 142, contains four concrete asks. First, it demands measures to prevent the rate hike's costs from falling on SMEs, workers, and families already facing a sharp rise in the cost of living. Second, it asks whether the Commission will propose mobilising windfall profits from the banking sector to offset higher borrowing costs for housing and economic activity. Third, it presses the Commission to explain why it will not propose effective price regulation, anti-speculation measures, and a reversal of energy liberalisation policies, instead of penalising households and productive sectors. Fourth, it calls on the Commission to advocate a clear EU position condemning the military aggression against Iran and the resulting global destabilisation.
The question reflects a policy orientation critical of the ECB's monetary tightening, favouring direct intervention in energy markets and banking profits over interest rate increases. It targets the Commission's role in coordinating economic policy and its stance on geopolitical drivers of inflation.
The Commission is expected to reply within approximately six weeks, by early August 2026. The answer will signal whether the Commission aligns with the MEPs' critique or defends the ECB's independence and current policy direction.