The Governor of the Bank of Italy, Fabio Panetta, has warned the European Central Bank against repeating a large-scale interest rate hike similar to the one implemented in 2022. According to Panetta, who addressed ECB President Christine Lagarde directly, the current economic framework is different from that of three years ago, when the energy shock linked to the war in Ukraine had driven the Frankfurt institution to raise rates rapidly. While acknowledging the existence of an energy and economic shock, this time connected to the Middle East crisis, Panetta argued that the ECB should approach the situation with a different strategy than the one adopted in 2022, avoiding a large-scale monetary tightening initiative. The statements come amid an internal debate within the Eurosystem about the future direction of monetary policy, with non-uniform positions among the governors of national central banks. Panetta's warning is part of a broader discussion among member states on the balance between containing inflation and supporting economic growth.