How the hawks secured victory at the ECB over interest rate hikes this week

The commitment to a 50-basis points increase was unheard of under the doves control 

Mario Draghi, the former president of European Central Bank, had been at the helm for eight years.

For the first time in a generation, hawkish officials are taking control of the European Central Bank’s steering wheel.

What began as a lone push by Klaas Knot of the Netherlands little more than three weeks ago — to consider a half-point interest-rate hike — has morphed into a whole new campaign of monetary tightening for the eurozone, as unveiled by ECB president Christine Lagarde on Thursday.