For the first time in more than a decade, the European Central Bank raised rates. As jonsindreu explains, the ECB had to forge a compromise between hawks and doves. WSJWhatsNow
The European Central Bank may have just gone from “whatever it takes” to “whatever it wants.”raised interest rates
for the first time since 2011. Ironically, Mario Draghi resigned as Italy’s prime minister on the same day. This is the man who back then took over the helm of the ECB and famously pledged to do “whatever it takes” to save the euro—and, in the process, taught central bankers everywhere the importance of verbal commitments.
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