The ECB's monetary policy experienced a major turning point on 21 July.
The 50 basis point increase in its key rates, unprecedented in its magnitude, marks the end of the negative rates that had prevailed for seven years.
Simultaneously, the abandonment of the framing of the future evolution of rates was announced in favor of a decision each month, according to the evolution of inflation.
A new increase should therefore take place in September, with the prospect of gradually raising key rates to around 1.5%.
The reversal of the ECB meets a double objective.
It aims first of all to fight against inflation, which reached 8.6% in June in the euro zone as well as to stem the fall of the European currency, now almost at parity with the dollar.
The time is indeed no longer for competitive devaluation, but for competitive revaluation, which makes it possible to limit the effects of imported inflation on the production costs of companies and household demand while exporting...
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