Believing that inflation is likely to remain “too high for too long”, the ECB Governing Council decided on Thursday 16 March to honour its commitment made in February (see EUROPE B13113A4) by raising the ECB’s three key interest rates by a further 50 basis points.
As of Wednesday 22 March, the interest rates on the main refinancing operations, the marginal lending facility and the deposit facility will therefore be raised to 3.50%, 3.75% and 3.00% respectively.
In presenting the...