European Central Bank Raises Rate by 75bps to 1.5%, Highest Level since 2009

The European Central Bank maintained its effort to curb inflation as the central bank raised interest rate again on Thursday by three quarters of a percentage point, a fastest pace on record.

A 75 basis point hike had put borrowing costs of the central bank for the 19 countries that use the euro to 1.50%, the highest level since 2009. The rate for the European Central Bank had been in negative territory for eight years until it decided to raise the rate in July this year.