Investors will once again take this risk into account. The only thing we know about the current account deficit is that it can't go on forever.

The country cannot go around selling all its assets.

Anything but a rate hike at the next meeting (on March 2) would be a surprise.

Liquidity is still excessive and remains a warning sign for the ECB, but the slowing of the growth rate gives the bank more time. A rate increase is more likely in March than February.

It is possible that interest rates go up to over 3 percent.