At its September meeting, the monetary policy council of the European Central Bank (ECB) decided to postpone the announcement of decisions on how to end the crisis until December.
Its October meeting, which ends on Thursday, should therefore not lead to any major strategic development.
In the meantime, however, the environment has changed considerably.
Inflation reached 3.4% in September in the euro area and could soon flirt with 4% - well above the ECB's target of 2%.
At the same time, several central banks (Norway, New Zealand, Iceland, Poland) have started to tighten their monetary policy and others, including the US Federal Reserve, the Bank of England, those of Sweden and Australia are preparing to do so, in an attempt to contain the inflationary surge linked to the economic recovery and to the shortages of all kinds which affect it.
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