A euro zone recession is now very likely but that alone will not bring down inflation and the European Central Bank should opt for a big rate hike next month, ECB policymaker Martins Kazaks said on Saturday. The ECB raised rates by 50 basis points in July to zero and a similar move is being priced in for Sept 8 but some policymakers have started talking about an even bigger increase as the inflation outlook is deteriorating. "Frontloading rate hikes is a reasonable policy choice," Kazaks, Latvia's central bank chief, told Reuters. "We should be open to discussing both 50 and 75 basis points as possible moves. "From ... (full story)