ECB hikes interest rates for the first time in more than a decade as outlook darkens

Tough times a-comin'. ECB chief Christine Lagarde. AFP/File

The European Central Bank brought an end to the era of negative interest rates in the eurozone, with a bigger than expected half-point hike, intended to combat soaring inflation. ECB President Christine Lagarde has warned of a darkening economic outlook.

The Frankfurt-based ECB had earlier suggested that it would raise rates by 25 basis points.