It’s always Groundhog Day for ECB as Europe wakes up in its next crisis

When the Federal Reserve delivered its bumper 75 basis point interest rate rise last week it had enough on its plate balancing the need to control inflation against the risk of recession.

he European Central Bank ( ECB) has to balance similar priorities and, unlike the Fed, it also has to worry about a single currency area in which a French bond is different from an Irish bond and, most of all, an Italian bond is different from a German bond.

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