“This tightening by the ECB is probably not the last. However, GDP in the eurozone has fallen slightly over the last two quarters, which is technically considered to be the start of a recession, and the European economy could still lose momentum over the coming months. For the time being, however, the eyes of Europe’s leading monetary policy-makers remain firmly fixed on the inflation figures. While inflation has been marking time for the past few months, we are still a long way from the target of inflation below 2% set by the eurozone’s central bank”.