The European Central Bank raised rates by 0.75 percentage point to their highest level in more than a decade, as the eurozone teeters close to a recession
FRANKFURT—The European Central Bank raised interest rates by three-quarters of a percentage point for the second time in a row, moving briskly to quashThe bank said in a statement that it would increase its policy rate to 1.5%, the highest level in more than a decade, and said it expects to raise rates further over the coming meetings.
It also moved to limit payments it makes to eurozone banks that tapped its ultracheap loans during the Covid-19 pandemic, a move that is ultimately expected to raise borrowing costs for eurozone companies.Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8