Final answer:
An increase in ECB interest rates typically decreases inflation and may decrease economic growth in the short term but could increase economic stability long term, hence the statement is false.
Step-by-step explanation:
The statement that the effects of an increase in ECB (European Central Bank interest rates) are not related to the passage of time is false. The ECB's interest rate decisions have profound temporal effects on the economy. An increase in interest rates typically decreases inflationary pressure over time, as borrowing becomes more expensive and spending is curtailed.
Consequently, the economic growth rate may decrease in the short run due to reduced investment and consumer expenditure. However, if the rate increase is managed correctly and inflation is tamed, it could lead to a long-term increase in economic stability. The passage of time allows for the full impact of such monetary policy changes to manifest in the macroeconomic indicators.