From July 2021 until the end of 2022, the key ECB interest rates were increased by a total of 250 basis points, bringing the rate on the main refinancing operations to 2.5 per cent, the marginal lending facility rate to 2.75 per cent and the Eurosystem's deposit facility rate to 2 per cent at 31 December.
It will stay on a downward path in 2017, and I believe in the coming years as well. We all tend to be impressed with the achievements of physics and information technologies and often disregard the importance of economic theory and its most direct and unfaltering impact on our everyday lives. A bad reform or wrong economic moves can have devastating consequences.