Sky's Ian King says policymakers are under growing pressure to move faster against surging inflation at a time when the risk of recession is looming large.
In a number of eurozone countries it is appreciably higher. For example, Eurostat, the EU's main statistical agency, estimates that inflation in August was running at 10.5% in Belgium, 13.6% in the Netherlands, 11.1% in Greece and 10.3% in Spain.
At the recent get-together of global central bankers at Jackson Hole in Wyoming, Ms Schnabel gave a speech in which she spoke of the"sacrifice" needed to curb inflation. "While other Council members - including executive board member [Philip] Lane - have advocated a steady pace of hikes, the pushback against calls to step up tightening has been limited.
The eurozone economy, like that of the UK, is teetering on the brink of recession thanks to the surge in wholesale energy prices sparked by Russia's invasion of Ukraine. Germany's huge manufacturing sector has also been contracting for the last two months. The latest official data from Berlin, published on Tuesday, revealed that German industrial orders fell in July for the sixth month running.
The bigger question for the markets, then, is where do interest rates in the eurozone peak - what is known as the 'terminal rate' in the jargon.
Belgique Dernières Nouvelles, Belgique Actualités
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