ECB Vindicates Arch-Hawk Pondering Memories of 1970s Oil Crisis

One member of the European Central Bank’s Governing Council must be savoring a particular sense of vindication right now.

Traditionally one of the most hawkish members, Robert Holzmann was calling for up to 125 basis points of tightening already at the beginning of July when official guidance left room for increases of less than half that pace.