For the first time in 11 years, the European Central Bank raises interest rates.

On Thursday, the European Central Bank raised interest rates for the first time in 11 years, joining the US Federal Reserve

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And other central banks in tightening monetary policy to combat rampant inflation.

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The European Central Bank raised its benchmark deposit rate by half a percentage point, which was higher than expected.

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Last month, ECB President Christine Lagarde predicted a quarter-point increase.

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For the first time in 11 years, the European Central Bank raises interest rates. Swipe up