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The inflation rate is picking up speed. In August, it was still 9.1 percent in the euro zone. So, inflation is not easy to get under control. The European Central Bank will have to raise interest rates substantially to make a difference. There was a similar situation in the 1970s. Back then, too, energy prices went up, leading to high inflation. At that time, the key interest rate was raised from four to 13 percent. Next year, inflation is expected to fall somewhat, but still be high, perhaps at

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