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I had the same reaction when I read the paper. In fact, IIRC, the ECB was planning to raise its rates and just maintained them. And, more recently,  they resisted to strong pressures to cut them.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Tue Feb 26th, 2008 at 06:34:54 PM EST
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