- European Central Bank raises interest rates by 0.5 percentage points to 3% to combat inflation.
- Rate-setters remove commitment to steady pace of interest rate rises in the future.
- Some members of the governing council wanted to stop raising rates due to financial turmoil.
- ECB cuts inflation forecasts but says price pressures remain too high for too long.
- ECB promises to take a data-dependent approach to future decisions and monitor market tensions closely.
ECB increases rates by 0.5 percentage points
Eurozone’s rate-setters lift benchmark rate to 3%, but remove reference to further rises in borrowing costs
