The European Central Bank’s sense of urgency in tackling inflation has overtaken concerns over the damage an aggressive rate increase would inflict to the eurozone economy ahead of a policy meeting this week.
Several ECB rate-setters have said they are focusing more on current record levels of inflation to decide policy, moving away from an earlier, more dovish approach that hinged mostly on where they expected prices to be two years from now.
The shift has led many economists to forecast a 0.75 percentage point rise on Thursday for only the second time in the central bank’s history — a move that would leave the benchmark deposit rate at 0.75 per cent.
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