The last years’ history showed a perfect synchronization between the Federal Reserves (Fed) and the European Central Bank (ECB), the eventual interest rate modifications made by the first institution being followed shortly after by similar ones on The Old Continent. The perfect symbiosis between the two central banks is mainly responsible for the over-appreciations of assets, fact which led to the actual crysis. But starting from this month, the chain has broken and ECB took the initiative of increasing the reference interest rate. And the Fed doesn’s seem so convinced to follow the example of the collegues from Frankfurt. For the first time in history, the two most important central banks (Fed and ECB) are analysing the same economical grounds, but they are drawing different conclusions and they are addopting different politics. Two weeks ago, ECB increased the interest rate from 1% to 1,25%, while the majority of regional Feds launched studies that exclude any increase in the interest rate and give Fed’s Chairman, Ben Bernanke, the opportunity to implement the quantitative easing programme (QE2), through which intends to buy U.S. government bonds worth 600 bilion dollars. But an eventual increase in the interest rate, which ranged between 0 and 0.25 % in the last 28 months, is not even brought into discussion. At least until March next year, as indicated by the expectations comprised in the price of the U.S. government bonds traded on the secondary market.