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mpc: 3 In the euro area, the European Central Bank (ECB) had increased official rates by 0.25 percentage points at its meeting on 1 December. The move had been fully priced in by financial markets ahead of the ECB's interest rate announcement, and so had not affected the euro-area yield curve. Financial markets were pricing in two further 0.25 percentage point increases in euro-area official rates during 2006.