The era of high rates is bad for indebted countries, but the rigor of the ECB can now be stemmed

The ECB raised interest rates yesterday (another half a percentage point) in a majority decision with the opposition, he admitted Christine Lagarde, of 3-4 board members who “wanted more time to monitor the situation”. The doves have spread their wings. The president has not named names, but it is not difficult to think of Italy, Greece, Portugal and Spain.