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Added on the 15/06/2023 14:24:12 - Copyright : Euronews EN
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 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.
The eurozone's central bank intends to make spending more expensive in order to bring down prices.
The European Central Bank left its rates unchanged on Thursday, marking a pause in its restrictive monetary policy after 10 increases since July 2022.
The US Federal Reserve voted to pause its aggressive campaign of interest rate hikes despite "elevated" inflation, while indicating a sharp increase could be needed before the end of the year, the chairman of the central bank Jerome Powell announces during a press conference in Washington, DC. SOUNDBITE
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