15:56 15 June 2023
ECB raised interest rates to a 22-year high
The European Central Bank announced a 0.25% raise on Thursday, bringing the eurozone's key interest rate to 4%, the highest in 22 years. The eighth consecutive interest rate hike aims to combat persistent inflation, which in May remained more than three times the two-percent target.
“Inflation has been coming down but is projected to remain too high for too long,” ECB stated. It added that interest rate decisions will continue to be based on its assessment of the inflation outlook.
ECB confirmed that it will discontinue the reinvestments under the asset purchase programme as of July 2023.
