Jim Power: Another rate hike is hard to justify amid environment of uncertainty 

The ECB are set to meet on Thursday but another hike is unlikely as two wars put pressure on energy markets. 

"It is clear, that the cumulative interest rate increases seen over the past 15 months is working", said Jim Power Pic: DANIEL ROLAND/AFP via Getty Images

On Thursday, the European Central Bank (ECB) is holding its interest rate meeting in Athens.

Since July 2022, the monetary authority has increased interest rates 10 times by a cumulative 4.5%. By any historical standard, this is a pretty dramatic tightening of monetary policy over such a brief period, notwithstanding the fact that rates were being increased from an abnormally low level. Ahead of the meeting, the interesting question is if the ECB will increase rates again and the nature of the commentary that will accompany whatever decision is taken.