 "Christine Lagarde, European Central Bank (ECB) president, addresses a news conference following the ECBs monetary policy meeting in Frankfurt (Photo: Reuters)")
The European Central Bank made its largest-ever interest rate increase Thursday, following the US Federal Reserve and other central banks in a global stampede of rapid rate hikes meant to snuff out record inflation that is squeezing consumers and pushing Europe toward recession.
The bank's 25-member governing council raised its key benchmarks by an unprecedented three-quarters of a percentage point for the 19 countries that use the euro currency. The ECB usually moves rates by a quarter-point and had never raised its key bank lending rate by three-quarters of a point since the euro's launch in 1999.
Bank President Christine
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