A far-reaching decision

Il Giornale sees the ECB's interest rate raise as a far-reaching decision: "The long wait is coming to an end. Today, at around 1:45 pm, nothing unexpected will take place: the ECB will ... raise the key interest rate. ... It was to be expected that President of the ECB Jean-Claude Trichet would not bow to the pressure of certain governments which demonstrated a lack of diplomacy. Trichet has always stressed the autonomy of the institution and the legitimacy of the unpopular decision. He has also repeatedly emphasised that the bank would react with resoluteness - a choice of words that can only lead one to conclude that the measure will have consequences."

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