The European Central Bank (ECB) raised rates again on Thursday to tackle inflation in the euro zone, despite fears of a worsening outlook for the economy.
The ECB raised its key rates by 0.75 points leaving them in a range between 1.5 and 2.25 percent. This is the third consecutive rate hike since July, which is in step with other central banks’ policy.
The European issuer also announced that it is going to tighten the conditions for granting loans at a very advantageous rate for banks.
Taking into account the unexpected and exceptional acceleration of inflation”, the TLTRO lending device needs to be “recalibrated”, the ECB said in a statement.
The increase in prices in the eurozone touched 10% year-on-year in September, five times more than the ECB’s target of 2%.
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