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Added on the 20/05/2022 15:23:49 - Copyright : AFPTV - First images
The European Central Bank has slowed the pace of its interest rate increases, stepping back like the US Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation.
UK finance minister Jeremy Hunt said Thursday's 0.75% hike by the Bank of England would be "very tough" for families with mortgages and businesses with loans.
The eurozone's central bank intends to make spending more expensive in order to bring down prices.
European Central Bank President, Christine Lagarde, announces the ECB is lifting its key rates of interest by 75 basis points, leaving them sitting in a range of between 0.75 and 1.5 percent. It came after the bank hiked rates by 50 basis points in July, its first increase in more than a decade, in order to tame record eurozone inflation. These levels "will ensure the timely return of inflation to our 2% medium term target" she says, during a press conference in Frankfurt. SOUNDBITE
The United States Federal Reserve has raised interest rates for the first time since 2018, as it tries to cool inflation, which is running at the highest level in forty years. The Chair of the central bank, Jerome Powell, said the implications of the Russian invasion were "highly uncertain", pointing to the risk of disruption to supply chains. Also today, we look at details of the French goverment's plan to ease the economic impact of the Ukraine war.
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