The Governing Council of the European Central Bank (ECB) has decided to raise the ECB’s three key interest rates by a further 25 basis points. This is the tenth consecutive increase. On 20 September, the rate on the deposit facility will reach a historic low of 4%, the rate on the main refinancing operations will be 4.5% and the rate on the marginal lending facility will be 4.75%.
Are we moving towards a cap on rate levels? This time, the Governing Council indicated that it considered...