European Central Bank makes its largest-ever interest rate increase.

• The European Central Bank made its largest-ever interest rate increase.
• The action came following the U.S. Federal Reserve and other central banks in a global stampede of rapid rate hikes to arrest record inflation.
• The bank’s 25-member Governing Council raised its key benchmarks by an unprecedented 75 basis points for the 19 countries, using euro currency.
• The ECB had never raised its key bank lending rate by three-quarters of a point since the euro’s launch in 1999.
• The bank said, it expects more hikes ahead because inflation may rise further in the near term.
• The central bank noted that the economy was expected to stagnate later in the year.

About the European Central Bank (ECB)

• The European Central Bank (ECB) is headquartered in Frankfurt am Main, Germany.
• It has been responsible for monetary policy in the Euro area since 1999, when the euro currency was first adopted by some EU members.