ECB makes exactly the wrong move at the wrong time

NYTIMES:

The European Central Bank, spooked by soaring prices for food and fuel, raised interest rates on Thursday, joining several other central banks in battling a global eruption of inflation.

With the quarter-point increase, the central bank followed those in Sweden and Norway that raised rates this week, citing inflation. The Federal Reserve in the United States, where short-term interest rates are only half of those in Europe, has so far declined to join them.

The European Central Bank’s decision deepens a recent divergence in monetary policy on either side of the Atlantic, ending a long period when it tended to follow the course set by the Fed.

"A LONG PERIOD" WHEN THINGS WERE BETTER THAN THEY ARE NOW!

This moves will weaken the dollar and send dollars into the crude market and drive crude even higher which will make Euro-inflation worse.

Therefore this move is exactly the wrong move.

The ECB should be lowering rates. Sarkozy knows this.

But the ECB bureaucrats don't get it. IDIOTS.