The decision to increase interest rates from the European Central Bank!

As expected, the European Central Bank (ECB) increased the interest rate by 75 basis points and the refinancing rate rose to 1.25%. Thus, the ECB made the largest rate hike in its history. The bank had increased by 50 basis points in its previous meeting.

In the statement made by the ECB, "We will continue to monitor the funding conditions of banks. We have taken steps to front-load interest rates to levels that will allow inflation to return to the 2 percent target in the medium term."