I came across a slightly tongue-in-cheek website this week collecting signatories to petition against the ECB’s ‘intent to increase rates.’ It hasn’t had a great deal of success so far; a mere 5468 signatories out of a European Union population of around 500 million. Spain, which incidentally is likely to suffer more than most from a rate rise, has provided more than its fair share of the 5468 votes. Whilst the petition does highlight a couple of serious issues, pointing to weak consumer sentiment and retail sales for example, I’ve got a sneaking suspicion the petition won’t way too heavily on the minds of the ECB Governing Council when they meet next month.
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