The ECB raised key rates by 0.5%
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European Central Bank (ECB) announced about raising three key rates by 50 basis points and plans to continue raising them.
According to the ECB, from February 8, the interest rate on major refinancing operations, as well as interest rates on margin lending and deposit lines will be increased to 3.00%, 3.25% and 2.50% respectively. At the same time, the Board of Governors of the ECB said that it “will adhere to the course of a significant and sustainable increase in interest rates” and maintain them at levels that will allow eurozone countries to approach the medium-term inflation target of 2%.
Former member of the Governing Council of the European Central Bank and head of the Central Bank of the Netherlands Klaas Knot warnedthat the ECB “definitely will not stop at a one-time rate hike of 0.5%.”
The ECB is actively raising interest rates to fight inflation, which in recent months, although somewhat slowed down, but still remains high for the EU – 9.2%. Last year, the ECB raised the rate four times, bringing it to 2%.
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