Jean-Claude Trichet, ECB President, said last week that "strong vigilance" was warranted, a phrase used throughout the bank's 2005-08 rate - tightening cycle.

欧洲央行行长让-克洛德·特里谢(Jean - Claude Trichet)上周表示，有必要保持“高度警觉”——这是欧洲央行在2005 - 08年加息周期期间使用的一个措辞。

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In contrast, the US Fed still pursued an accommodative policy of low, to effective negative interest rates up through the first half of the year, commencing its new tightening cycle in June.

相反的，美国联储直至去年上半年仍追随低息至有效的负利息政策。由六月份起始进行紧缩周期。

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The goal is to stop the cycle of easing rules on banks in good times and tightening them only after a crisis.

VOA: special.2010.09.17

There is a high probability that the current tightening cycle in Brazil is over.

FORBES: CNBC "Half Time Report" Says Brazil a Bear

Weaker domestic demand and an unclear international environment should lead the Central Bank to pause its tightening cycle.

FORBES: Brazil Rate Hikes Likely Done For the Year

The central bank began its latest tightening cycle in April 2007, when it increased rates to 4.25%, from 4.00%.

FORBES: Poland's Rate Dilemma