Inflation in the European Union has cooled sharply, but the economy could still use a boost.

When the Fed meets next week, they will be more focused on what’s happening here in the United States.

Inflation’s up again in the U.S. while the EU is edging closer to its target. That brings the ECB to a bit of a fork in the road.

The Federal Reserve and others will update monetary policy, balancing inflation with the recession risk. Investors hope for rate cuts.

It’s raised its benchmark deposit rate by 0.75% — to 0.75% — and may raise further. But Europe is also facing recession worries.

As borrowing costs rise across the 19 nations that use the euro, worries about the currency bloc’s stability grow.

It’ll also end its large-scale bond-buying program. Central bankers are trying to tame inflation — like their U.S. counterparts at the Federal Reserve.

Until the ECB became the first major central bank to try it, making interest rates negative seemed like defying economic gravity.

The departing head of the European Central Bank vowed in 2012 to “do whatever it takes” to save the euro.

To begin with, the mandates for both are different.