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The ECB left its key interest rate unchanged at -0.5%, which is amazing considering that market rates have been rising and inflation in the eurozone is higher than in the U.S.
The ECB is so far behind the inflation curve and market rates that they have guaranteed a weak euro, which ironically is inflationary.
Printing too much money for way too long - with checks sent to too many people who did not need the money - fueled most of today’s high inflation in the US. The war in Ukraine merely pushed the headline rate slightly higher, but inflation was already rising strongly in 2021.