Jim Power: The ECB would be sensible to cease its rate hike campaign 

Core inflation, which excludes energy, food, tobacco, and alcohol, is still running at an unacceptably high 5.5%

ECB president Christine Lagarde: There are fresh hopes the ECB will cease its rate tightening. Picture: Alex Kraus/Bloomberg

On September 14, the Governing Council of the European Central Bank (ECB) will meet to decide on future interest rate policy.

Central bank actions are not always predictable, but there is now particular uncertainty regarding what it might or might not do at that meeting.