European Central Bank raises rates by 50 basis points, its first hike in 11 years

European Central Bank Hikes Interest Rates

“The European Central Bank raised interest rates by a larger-than-expected half-percentage point and unveiled a new plan to buy the debt of Europe’s most vulnerable economies, seeking to protect the currency union as it navigates the twin threats of skyrocketing inflation and slowing economic growth,” the Wall Street Journal reports.

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European Central Bank raises benchmark interests, first time in eight years

The European Central Bank on Thursday raised key interest rates for the first time in over a decade with the purpose of combating inflation, reflected in consumer prices of the Euro-zone which reached 8,6% in the first half of the year.

First Time In 11 Years, European Central Bank Raises Interest Rates

The European Central Bank (ECB) raised its benchmark interest rate by 50 basis points pushing the rate to 0.0%.