After the ECB meeting: Hawks spread wings
European Central Bank did not change interest rates, and this is hardly surprising. There must be, however, many disappointed faces (including the Italian Prime Minister Silvio Berlusconi) who had hoped for at least a vague sign of the future monetary easing. Nothing of that kind. President Trichet once again pointed to the threat of persistent high inflationary expectations, stemming from a combination of supply shocks and tight labor market conditions. Moreover, he shrugged off the recent
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