Why the European Central Bank should not take the blame

Everyone, it seems, has some advice for the European Central Bank (ECB) on the issue of raising interest rates. The International Monetary Fund, whose designated function is to make short-term loans to countries experiencing liquidity crises, advised against a rate increase at this time because inflation is under control. Members of the European Parliament's Committee on Economic and Monetary Affairs warned ECB President Jean-Claude Trichet against a rate increase because of the continent's fragile economy. Europe's finance ministers said often that an increase in the 2% benchmark rate w...