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ECB interest rate hesitancy behind currency misalignments, and more

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ECB interest rate hesitancy behind currency misalignments

By Bob Bischof and David Marsh

The European Central Bank’s hesitancy in raising interest rates to counteract spiralling inflation is compounding problems of misaligned exchange rates, intensifying disequilibrium in international current account balances. Widespread perception that the ECB is falling behind the US Federal Reserve and Bank of England in rate-tightening, by depressing the euro on the foreign exchanges, is likely to stoke further euro area inflation by raising import prices.

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