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"While other central banks have already cut interest rates, the ECB remains true to its stability-oriented course. This strengthens their credibility and prevents higher inflation expectations from becoming entrenched in the capital market – a risk that would be particularly problematic for long-term financing. For the real estate and credit markets, the interest rate pause does not mean relief, but stability. In the current phase, restraint is the lesser evil. Only when the decline in inflation proves to be sustainable will there be room for monetary easing. Until then, discipline is the order of the day."
