The longer energy prices remain at their current lofty levels, the greater the probability that inflationary expectations will increase and that second-round effects will materialize. Further procrastination on interest-rate normalization by the ECB could well lead to a nasty bout of inflation.
在上述情况下，当然找不到延迟提高利率的理由。能源价格居高不下的时间越长，就越有可能引发通货膨胀，次轮效应就越有可能成为现实。欧洲央行进一步拖延利率正常化很可能引发激烈的通货膨胀，给欧洲经济复苏带来灾难性的后果，因为欧洲央行没有其它选择，只能猛踩货币政策的刹车。