The Governing Council of the European Central Bank (ECB) decided, at its monetary policy meeting in Frankfurt on Thursday 27 July, to raise its three key rates by a further 25 basis points, taking the view that inflation was continuing to decline but is still expected to remain too high for too long. Starting 2 August, the rate on the deposit facility will be raised to 3.75%, the rate on the main refinancing operations to 4.25% and the rate on the marginal lending facility to 4.50%.
ECB...