IF THE FED WERE TO DELAY ITS FIRST RATE CUT BY, SAY, A YEAR, WHAT WOULD THE ECB THEN DO?

The ECB hiked rates so dramatically during 2022-23 even though European economics and the drivers of inflation were so different from the US. What an extended period of tight policies, the Holzmann scenario, would mean for the European economic outlook? How might markets might react to the ECB taking the lead in the rate cut cycle?