Comment: The ECB's gamble

The president of the ECB, Jean-Claude Trichet, has announced that the central bank will take the highly unusually step of meeting in person on 3 August, rather than conduct the scheduled conference call. In doing so, Trichet has effectively pre-announced two 25 basis point rate hikes in August.


As expected, the ECB left rates on hold on 6 July. Yesterday's meeting was all about the accompanying statement and the press conference, as markets pricked up their ears for any

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