The European Central Bank today increased interest rates for the first time in 11 years. This comes as an attempt to cool rampant inflation in the euro zone.
The ECB, which is the central bank of the 19 nations that share the euro currency, pushed benchmark rates up by 50 basis points, bringing its deposit rate to 0%.
The European Central Bank, based in Frankfurt, kept rates at historic lows, in negative territory since 2014, as it dealt with the region’s debt crisis and the coronavirus pandemic.
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