That is the new interest rate in the Euro Zone after the European Central Bank decided to raise the rate last week. This is the latest move of the ECB against the worrying inflation rate in the Euro Zone which was at 4% for the month of June. That’s more than twice the objective set by the central bank’s mandate. The move of the ECB was criticized by Peer Steinbruck, German finance minister and Spain’s Jose Luis Rodrigez Zapatero who fear that higher interest rates will accelerate the current economic downturn that the EU is currently undergoing. This is unlikely to influence the ECB whose president is always quick to remind politicians that the independence of the bank is the key to its credibility and efficiency.