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ECB hikes rates by 0.75%

The ECB announced an interest rate hike of 0.75%. The Governing Council of the Central Bank stated that, based on the current assessment, it is expected that further interest rate hikes will be made in the next few meetings to suppress demand, prevent the risk of rising inflation expectations, and bring the inflation rate back to its medium-term target of 2%. . At the same time, the inflation forecast is raised, and it is estimated that the average inflation will reach 8.1% this year, and it will drop to 5.5% next year and 2.3% in 2024. The regional economy is expected to stagnate later this year and in the first quarter of next year. In addition, the reinvestment of the European Central Bank's Emergency Anti-epidemic Bond Purchase Programme (PEPP) will continue until at least the end of 2024.
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