He stressed numerous times that the unwinding of non-standard (emergency) measures is in no way connected with the level of its main benchmark lending rate. This basically means that the ECB could very well LIFT rates before it has completely rolled back its NSMs. Consequently, the Euro spikes against the USD and e.g. Citi's economists are bringing forward their rate hike predictions to 'second half of 2011' vs. 2012. July 2008, here we come again?
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