The European Central Bank (ECB) is finally about to join the global bandwagon of monetary policy tightening, spurred into action by repeated record highs in inflation. Almost three months since the US Federal Reserve delivered a first interest-rate hike, its euro-zone counterpart will this week announce an end to bond purchases and formally begin the countdown to an increase in borrowing costs in July. The ECB has hesitated to remove stimulus while gauging the fallout from the war raging just over the frontier of its currency area in Ukraine. By contrast, most major central banks are now further down the road with tightening, and some are even ratcheting up the pace. The Fed doubled the
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