Among its major Western counterparts, the European Central Bank is still an exception. To tame galloping inflation, the US Federal Reserve and the Bank of England have already launched a forced march in raising their key rates. But not the Frankfurt institution. A singular situation, which should not last beyond a few weeks.
In recent days, voices have multiplied to support the hypothesis of a first turn of the screw from July. This was already in my mind. But today it seems inevitable. Isabel Schnabel, member of the executive board of the Frankfurt Institution, made an impression on May 3. Faced with inflation, “we can no longer be content to talk, we must act”, declared the German – who is not however classified among the “hawks”, supporters of strict monetary orthodoxy within the central bank.