The news broke yesterday that the Eurozone has finally entered recession. This is both the natural consequence – and probably the intent – of the European Central Bank’s decision to increase the baseline interest rate from 0% to 3.75% over the past year in a series of rate increases. Indeed, interest rates, according to ECB President Christine Lagarde, will continue to rise for at least the rest of this year.
If you are a regular reader of this column, you will not have been surprised. This is what I wrote in March:
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