The ECB is caught in a trap, and not just since today. It has to finance the growing government deficits with ever more money and at the same time keep the price level relatively stable, at least so that the plebs do not notice how their purchasing power is being pulled out from under them. Now representatives of this institution are warning against cutting interest rates too quickly and pointing out that rising inflationary risks could possibly lead to interest rates not being cut at all this year. This is sheer nonsense! The bond market with falling interest rates (central banks follow the 2-year bonds like little dogs) and the continuing recession in the eurozone clearly signal that the ECB will have to open the gates to more liquidity this year.