The European Central Bank has raised interest rates by half a percentage point, sticking to its goal of fighting inflation despite financial turmoil caused by US bank failures and worries about Credit Suisse.
The ECB’s decision to lift its benchmark deposit rate from 2.5 per cent to 3 per cent was in line with what it had been signalling for weeks. However, rate-setters ditched their commitment to keep “raising interest rates significantly at a steady pace” from in the last policy statement, a sign they are unsure about how much further they will increase borrowing costs.
The central bank also cut its inflation forecasts, but said price pressures were still “projected to remain too high for too long”.
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