The European Central Bank has raised interest rates back to their record high, but signalled that eurozone borrowing costs may have peaked.
The ECB’s decision on Thursday to raise its benchmark deposit rate by a quarter-percentage point to 3.75 per cent matches a high last reached in 2001, when it was trying to boost the value of the newly launched euro.
Thursday’s widely expected move, the ECB’s ninth consecutive rate rise, came a day after the US Federal Reserve raised rates by the same amount.
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