ECB Missed an Opportunity to Raise Rates: JPM's Michele

The video discusses central banks' reactions to market stresses, focusing on the ECB and the Bank of Japan. It highlights the ECB's emergency meeting and suggests that the ECB missed an opportunity to raise interest rates by 50 basis points to address inflation and support Italian debt. The video compares the ECB's actions to the Fed's approach of front-loading rate hikes.

What does the speaker mean by saying the ECB is 'miles behind' where they need to be with rates?

In what way does the speaker compare the ECB's potential actions to those of the Fed?