The outcome was the signing on 25 March 1957 of the Treaty of Rome, which established the European Economic Community and the European Atomic Energy Community. Again, integration was carried forward in selected fields - i.e. the establishment of a customs union and a common market, on the one hand, and a joint policy on the sensitive area of nuclear energy.
Whether interest rates increase by 25 or 50 basis points in one month or another is less important than our ability to steer the longer-maturity rates of relevance to spending decisions. While the former may dominate ECB watchers’ commentaries, it is the latter that gives us the leverage to stabilise longer-term inflation expectations and fulfil our mandate.