THURSDAY, the 14th of September, was a historic day in the European financial market. On that day, the European Central Bank (ECB) raised the interest rate to 4 percent, the highest in the central bank's history.

The ECB previously set the highest interest rate to date at 3.75 percent in 2000 but now it is higher, and it is also a way to celebrate its 25th anniversary. Though the interest rate increase does not give rise to a festive mood in financial markets, the belief that the peak has been reached is nevertheless spreading among investors, and it is exciting — that is, if the belief becomes reality and not just faith.