At its monetary policy meeting in Frankfurt on Thursday 7 March, the Governing Council of the European Central Bank (ECB) decided to keep the ECB’s three key interest rates unchanged. The interest rate on the main refinancing operations therefore remains at 4.50%, the rate on the marginal lending facility at 4.75%, and the rate on the deposit facility at 4.00%, its highest level since the creation of the euro. In addition, the Governing Council seems to be heading for June to pave the way...