THE EUROPEAN CENTRAL Bank is set to hike interest rates again today as it pursues its inflation fight, despite tentative signs the eurozone has weathered shocks from the Ukraine war better than feared.
The Frankfurt-based institution’s president Christine Lagarde “should reiterate that inflation… remains too high and reaffirm the absolute necessity for the ECB to continue to act over time to bring it down,” said Franck Dixmier at Allianz. The less gloomy figures have given cause for hope that Russia’s efforts to strangle crucial gas supplies to Europe may not trigger the economic shock once feared.
But it is expected to be a shallow contraction, and the government has forecast the economy will expand slightly over 2023 as a whole.
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