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Europe Hikes Interest Rates to Curb Inflation

Posted Jul 3, 08 8:29 AM CDT in World,  Business 

(Newser) – The European Central Bank today adjusted interest rates for the first time in more than a year, reports MarketWatch, raising the main rate by a quarter-point to 4.25%. The increase comes just after a report that inflation in the eurozone has reached 4%, the highest rate since the introduction of the euro in 1999. The move was expected, and the euro remained strong, hovering at around $1.58.


Source: MarketWatch

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Jean-Claude Trichet, President of the European Central Bank ECB is seen during a news conference in Frankfurt, central Germany, on Thursday, June 5, 2008.   (AP Photo/Daniel Roland)
The European Central Bank building in Frankfurt. After leaving interest rates untouched for over a year, the ECB raised its central rate by 25 points today.   (AP Photo/Bernd Kammerer)
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European Central Bank President Jean-Claude Trichet talks to journalists during a press conference.   (AP Photo/Pier Paolo Cito)
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