The European Central Bank raised interest rates by a quarter of a percentage point to 4% Thursday and hinted it was done with its protracted campaign of rate hikes to tame stubborn inflation. The central bank has now raised its main interest rate at 10 consecutive meetings, taking it to the highest level since the launch of the euro currency in 1999. Economists agreed that the ECB’s focus now seemed to be on keeping borrowing costs high, rather than raising them again. Industrial production fell 1.1% both in the euro area and the broader European Union in July compared with June, Europe’s statistics office said Wednesday. High inflation and the interest rate hikes needed to curb it are also likely to weigh on growth in coming months, according to the European Commission.

Source: CNN September 14, 2023 14:26 UTC