The ECB raises interest rates by 0.75 basis points to the highest in more than a decade

The ECB raises interest rates by 0.75 basis points to the highest in more than a decade

FRANKFURT – The European Central Bank raised interest rates by three-quarters of a percentage point for the second time in a row, moving quickly to stem record inflation even as the euro zone teeters on the brink of recession. The bank said in a statement it would raise its key interest rate to 1.5%, the … Read more

The ECB raises interest rates by 0.75 basis points to the highest in more than a decade

The ECB raises interest rates by 0.75 basis points to the highest in more than a decade

The European Central Bank has moved less aggressively than some of its peers to raise interest rates this year. Photo: ronald wittek/Shutterstock FRANKFURT – The European Central Bank raised interest rates by three-quarters of a percentage point for the second time in a row, moving quickly to stem record inflation even as the euro zone … Read more

Europe’s economy contracts as harsh winter looms

Europe’s economy contracts as harsh winter looms

Business activity in Europe fell for a fourth straight month in October, according to new surveys, pointing to a potential slowdown in global economic growth as higher prices and interest rates dampen consumer demand. The probes come as Europe enters a crucial phase of its economic conflict with Russia, which has curbed energy supplies in … Read more

Inflation in the euro area hits 10% as electricity suppliers scramble for reserves

Inflation in the euro area hits 10% as electricity suppliers scramble for reserves

Eurozone annual inflation hit double digits in September as uncertainty over the currency area’s ability to weather the winter without power cuts continued to keep energy prices high. The acceleration in the rate at which consumer prices are rising is likely to prompt the European Central Bank to raise its key interest rate again next … Read more

Crypto Startup Saves Frankfurt’s Iconic Euro Sculpture

Crypto Startup Saves Frankfurt’s Iconic Euro Sculpture

The euro has battled countless threats to its existence over the past two decades, from debt crises to politicians hoping to tear the currency union apart. During the summer, a new risk emerged for the common currency. Not its plunge below parity with the US dollar, but the plan to dismantle an iconic blue sculpture … Read more

Europe is running out of safe assets

Europe is running out of safe assets

Investors have a problem: With the European Central Bank raising interest rates and the eurozone economy heading into recession, they may not have enough places to hide. Over the past week, markets have begun to reflect the 0.75 percentage point interest rate hike announced by the ECB earlier in September. The euro’s short-term yield, or … Read more

The dollar’s rise is causing problems for global economies

The dollar’s rise is causing problems for global economies

The US dollar is experiencing a once-in-a-generation rally. For the rest of the world, it’s a big problem. The dollar’s role as the primary currency used in global trade and finance means that its fluctuations have widespread effects. The currency’s strength can be felt in fuel and food shortages in Sri Lanka, in Europe’s record … Read more

The dollar’s rise is causing problems for global economies

The dollar’s rise is causing problems for global economies

The US dollar is experiencing a once-in-a-generation rally. For the rest of the world, it’s a big problem. The dollar’s role as the primary currency used in global trade and finance means that its fluctuations have widespread effects. The currency’s strength can be felt in fuel and food shortages in Sri Lanka, in Europe’s record … Read more

Europe’s energy crunch may backfire on the crisis in the eurozone

Europe’s energy crunch may backfire on the crisis in the eurozone

Meaningful reform in the EU has historically taken a crisis, and this winter seems ripe for energy policy. As with the euro crisis ten years ago, however, a quick political compromise could risk leaving the job half-done. EU energy ministers are holding an emergency meeting on Friday to agree ways to stem the storm of … Read more

The European Central Bank is going big

The European Central Bank is going big

European Central Bank President Christine Lagarde Photo: Alex Kraus/Bloomberg News The European Central Bank joined the 75-point club on Thursday, raising its three key interest rates by 0.75 percentage points each. That’s up 1.25 points since the ECB’s delayed start in July and comes amid growing fears of European recessions. ECB President Christine Lagarde had … Read more