The European Central Bank has hiked its key interest rates by an unprecedented 75 basis points, signalling that further rises are likely.
It comes as the bank battles inflation at a half-century high, and as the bloc heads for a likely winter recession. The bank has revised its economic forecast, projecting inflation averaging 8.1% this year, 5.5% in 2023, and 2.3% in 2024.
Crisis for so many.
This decision remains strongly fueled by the surge in energy prices caused by the conflict in Ukraine.
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