It is now clear that the European Central Bank views higher interest rates as the right response to rising oil prices. As a result, the ECB risks painting itself into a corner, for the logic behind this week’s interest-rate hike implies that more increases will follow – a series of policy mistakes that will cost the Eurozone economies heavily.
现在看来，欧洲中央银行显然把提高利率看作是对油价提高的正确回应。其结果是，欧洲央行面临将自己逼入绝境的风险，因为本周利率提升的背后隐藏的逻辑暗示今后利率还将多次提升——一连串会让欧元区经济体付出沉重代价的政策错误。