To protect whom?
The strong countries of Europe: Germany, the Netherlands, UK, France,.... The ECB knows that raising interest rates will be a disaster for the Mediterranean countries and Ireland having debt problems. But they made their decision anyway.
Why?
They do not want to undermine the economic health of the strong countries of Europe -- the backbone of the European Union. It is the only way to save Europe by isolating the crisis, let the poor countries sink and do not let the problems propagate to the strong countries.
The weak countries (including the Eastern Europeans ones) will be left alone with their debt and spend-spend-spend problems.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked second best gold timer by Timer Digest
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