… way behind the curve, but a clear signal at last:
FRANKFURT, Sept 8 (Reuters) - The European Central Bank raised its key interest rates by an unprecedented 75 basis points on Thursday and signalled further hikes, prioritising the fight against inflation even as the bloc’s economy is heading for a likely winter recession. …
In the article. Lagarde points out the differences between Europe‘s situation and the US - not that pretty.
https://www.reuters.com/markets/rates-bonds/lagarde-comments…
The European Central Bank raised its key interest rates by an unprecedented 75 basis points on Thursday and signalled further hikes, prioritising the fight against inflation even as the bloc’s economy is heading for a likely winter recession.
In the meantime Europe is stocking up.
Europe Is Buying All The Russian Oil It Can Before Banning It
https://oilprice.com/Energy/Energy-General/Europe-Is-Buying-…
Three months from now, an EU-wide embargo on Russian crude oil imports will kick in, shutting off almost all shipments of the commodity from Russia to Europe. But right now, Europe is importing over 1 million barrels of Russian crude daily and has been doing so for the last month. Someone is stocking up before the taps turn dry…
Russia is exporting some 3.32 million barrels of crude daily by sea, Bloomberg calculations have shown, which means Europe is buying a third of that, while it still can.
DB2