The ECB raises its rates 0.5 points

It was expected. Faced with galloping inflation within the euro zone, the European Central Bank (ECB) announced on Thursday an increase in its reference rate by 0.5 points. The first in over ten years marking a major turning point after a long period of easy access money.

The Frankfurt institution had already indicated several weeks ago that it intended to raise its rates, saying it was determined to bring inflation down to 2% in the medium term as required by its mandate. The inflation rate reached 8.6% in June in a year in the euro zone and should increase further in the coming months.

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