Since the introduction of the euro currency in 1999, the central bank has raised its main interest rate 10 times in a row as it continues its fight against stubbornly high inflation.
The increase of a quarter percentage point occurs as central banks, including the U.S. Federal Reserve, attempt to determine how much anti-inflation medication is too much and when to stop raising rates quickly before the economy enters a downturn and jobs are lost.
The Governing Council of the ECB voted to raise the deposit rate by 25 basis points to 4 percent. ECB President Christine Lagarde said the ECB will keep interest rates high “as long as necessary” to bring inflation back to the ECB’s 2 percent target.
Eurozone inflation is currently at a record high of 8.9 percent. This is due to a number of factors, including the war in Ukraine, which has caused energy and food prices to rise.
This rate was at a record low of minus 0.5% when the ECB started to tighten monetary policy in July 2022, meaning banks had to pay a fee to store their cash safely at the central bank.
According to Reuters, Lagarde acknowledged that some ECB board members did not even want to raise rates on Thursday but added: “There was a solid majority of governors to agree with the decision we have made.”
“The focus is going to move, going forwards, to the duration, but that is not to say – because we can’t say that now – that we are at peak,” she told a press conference.
“The recovery we had planned for the second half of 2023 has been pushed out over time,” she said. “We are confident that growth will pick up in 2024.”
Analysts and economists disagreed on whether Frankfurt’s doves or hawks would prevail at the ECB’s meeting in September, despite the fact that the ECB has consistently signaled its upcoming actions in previous meetings. Through Thursday morning, financial markets projected a 63 percent chance of a hike, up from a recent more even distribution.
Germany is expected to be the only major European economy to contract this year, but the overall picture is also gloomy, with business activity in the euro zone dropping to its lowest level in August since November 2020.
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