ECB to Drain Liquidity

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The decision of the European Central Bank (BE) to raise interest rates by 25 basis points is an appropriate response to the rise in inflationary risks arising from the Iran war and the rise in energy prices. The monetary authority thus fulfils its treaty mission: to preserve price stability. There is nothing more important to a central bank than to maintain the value of the currency, because few threats are as harmful to an economy as inflation.…