At February’s ECB meeting, policymakers were unwilling to commit to raising interest rates further beyond the promised 50bp hike in March. But their comments this week show a clear intention to do so. Next week, we expect the flash estimate that the euro-zone economy grew by 0.1% q/q in Q4 to be confirmed. But we will learn that industrial production fell in December, adding to the evidence that the economy lost momentum at the end of the year.
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