• The European Central Bank raised interest rates by half a percentage point on Thursday, its fourth successive hike, and outlined plans to shrink its bloated balance sheet from March, hoping that higher borrowing costs will finally arrest runaway inflation.
  • The central bank for the 19-country euro zone raised its deposit rate to 2%, as expected, and kept further hikes firmly on the table, as fresh economic projections indicated it would still take years to get price growth back to 2%.
  • The ECB has raised interest rates by a combined 2.5% percentage points since July, its fastest pace of monetary tightening on record, to counter inflation driven above 10% this autumn by soaring food, energy and now services prices.