The ECB lifted all policy rates on Thursday, July 21, 2022, for the first time in 11 years. With the Deposit Facility Rate at 0.0%, the main refi rate at 0.5%, the European Union member countries leave the era of negative interest rate policies, something I would not have imagined a couple of years ago. It is worth to keep developments in context, the rate lift would have been welcomed as a victory in Frankfurt during the Draghi days, the same cannot be said today. Not only the ECB is massively behind the curve, but the bloc is also facing economic and social challenges not seen since WWII. May this day be well remembered, hopefully not as a mistake.
Happy ECB day from GMT-5,
Rosbel
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