The rate of headline inflation in the eurozone rose by 2.3% year-on-year in November. This means that it has once again fallen well short of the inflation target set by the European Communist Bank, the ECB. We expect a new 25 basis point cut in the key interest rate in December, i.e. into the inflation reaction phase. Now we can wait and see what happens when the energy-poor economic area is hit hard by a repricing of the energy markets. The Europeans are trapped!