European Central Bank raises interest rate as expected
(AA Photo)
The European Central Bank raised interest rates on Sept. 10 to cool inflation that is being fed by high oil prices from the Iran war.
The decision was supported by a stronger-thanexpected economy that suggests businesses can weather the higher borrowing costs.
The central bank for the 21 EU member countries that use the euro currency raised its benchmark rate by a quarter percentage point to 2.5 percent at a meeting held in Berlin, away from the bank’s Frankfurt headquarters. The bank last raised rates at its June 11 meeting, then hit pause at its July 23 session.
