At its meeting today, the European Central Bank decided to raise key interest rates by 75 basis points. The ECB wants to nip inflation-prolonging tendencies in the bud with rapid interest rate hikes and keep inflation expectations in check with a credible appearance. Today's rate hike was certainly not the last. The tightening of monetary policy is currently concentrated on the interest rate level. The ECB does not yet dare to actively perform a quantitative tightening, as the US Fed is doing.