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EUROPEAN BANK RAISES INTEREST RATE


Published on: 30/11/2007

The European Central Bank (ECB) raised the benchmark interest rate for the Eurozone by 0.25 per cent, to four per cent on Wednesday 6 June. The increase was expected by most industry experts, following inflation warnings by the ECB over the past few weeks.

The latest rise means that the rate has doubled within the last 18 months and is now at its highest point in six years. Raising the rate is hoped to have a downward effect on inflation in the Eurozone, which is forecast at two per cent this year (up from a previous forecast of 1.8 per cent) and two per cent next year.

ECB president Jean-Claude Trichets words at the announcement of the increase were widely interpreted as suggesting that while another rise is not likely next month, there could be further hikes in coming months in order to control inflation.

Source: https://www.homesoverseas.co.uk

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