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ECB raises interest rates to highest in 22 years

The European Central Bank raised interest rates to their highest level since 2001, triggering a jump in borrowing costs as president Christine Lagarde warned that stubborn inflation meant more increases were on the way.

The ECB raised all three of its key interest rates by 0.25 percentage points, taking the key deposit rate to a 22 year high of 3.5pc. The action is in line with expectations.

  • The Telegraph

Ms Lagarde said that it was “very likely” that rates will increase again at its next meeting in July.

She repeated that the 20 country bloc still had “ground to cover” on tackling inflation, suggesting that the deposit rate was on course to climb to the record set in 2000 next month and…

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