ECB president grilled over €135bn interest payout to commercial banks

MEPs criticised European Central Bank (ECB) president Christine Lagarde for paying out massive profits to commercial banks at the expense of European taxpayers and national budgets.

As part of the fight against inflation, the ECB has raised its interest rates increasing the cost of borrowing and the attractiveness of saving money. In the current monetary system, households and businesses store their savings with private banks. These banks, in turn, have accounts with the national centr...