European Central Bank hikes interest rate by 0.75 percent

The European Central Bank (ECB) has raised interest rates by 0.75 percent, the largest single increase since its founding in 1998, which as a consequence brings the base interest rate for banks up to 0.75 percent.

"The governing council took today's decision and expects to raise interest rates further because inflation remains far too high," bank president Christine Lagarde told press on Thursday (8 September).

According to Eurostat estimates, average EU inflation hit 9.1 percen...