Too Little, Too Late
Given how extremely loose today's 2% is, with real rates being negative and money supply growth at 8.5%, a quarter point hike will clearly be too little too late to rein in the inflationary excesses consisting of not only too high consumer price inflation, but more importantly the housing bubbles created in most European countries and the increase in debt levels that have followed.
The politicans that now object to the small rate hike argue that growth isn't strong enough. Yet the fact is that today's 1.5-2% is aroung the 10-year average, so this weakness is not cyclical. Instead it is related to the excessive tax and regulatory burden as well as the aging population. If the politicians wants higher growth, they should do something about these structural problems, not aggravate the current inflationary excesses which might boost growth in the short-term but is likely to damage the economy in the long term (Not that we should expect politicians to consider the long term).