Die EZB ist von ihrer im Juni abgegebenen Prognose einer Zinserhöhung um 25 Basispunkte im Juli abgewichen und hat stattdessen eine Anhebung um 50 Basispunkte vorgenommen. Lagarde nannte dafür zwei Gründe. Erstens hätten die Inflationsrisiken zugenommen, da die Inflation erneut überraschend gestiegen sei und sich der Preisdruck verstärke. Zweitens ist die EZB der Ansicht, dass flexible PEPP-Reinvestitionen und das neu eingeführte Transmissionsschutzinstrument (Transmission Protection Instrument, TPI) eine reibungslose Übertragung des geldpolitischen Kurses auf alle Länder gewährleisten können.
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