The European Central Bank is edging closer to raising interest rates to prevent the latest oil shock from morphing into a broader inflation spiral, according to one of its more dovish policymakers. In an interview with POLITICO on Monday, Bank of Malta Governor Alexander Demarco broke with fellow policy doves, who in recent days have urged patience and called for more data before deciding whether tighter policy is needed. While agreeing that the ECB must remain “data-dependent and meeting-by-

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