FRANKFURT – The European Central Bank raised its key interest rate to a record peak on Thursday and signalled that this will likely be its final move in a more-than-year-long fight against stubbornly high inflation.
“Based on its current assessment, the governing council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target,” the ECB said. Thursday’s 25-basis-point increase pushes the rate the ECB pays on bank deposits to 4 per cent, the highest level since the euro currency was launched in 1999.
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