The European Central Bank announced that it will raise interest rates for the first time in 11 years in July, followed by another increase in September.
The European Central made the surprise move on Thursday, saying inflation had become a "big challenge".
The bank is taking a major shift from supporting the economy during the pandemic to eliminating inflation, which has reached record levels in 19 countries that use the euro currency.
He also stated that he would halt the economic stimulus program next month.
All this underscores concerns about the level of annual increases in consumer prices, which reached 8.1% in May. The bank aims to reduce it to 2%.
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