The European Central Bank is lowering its key interest rates at the very moment that it is raising its own inflation forecast again. It is also good to see that the commodity markets are picking up steam again. The fact that it is an election year in the United States and that everything is being done to manipulate oil and gas prices downwards via the futures markets is now playing into the ECB's hands.

If this effect disappears, or if the already heightened geopolitical risks increase and energy prices rise massively, the euro model will be on the brink of collapse. Europe is a continent poor in raw materials and the eurozone operates a currency that is based on nothing other than consumers' boundless trust in the ECB's ability to limit inflation. The vast majority overlook the fact that the ECB's sole purpose is to finance the overflowing national debt with ever more newly created monetary units - the ECB is a born inflation engine.