The European Central Bank is set to follow the playbook of the U.S. Federal Reserve in making its second big interest rate increase in a row on Thursday, underlining its determination to stamp out the record inflation that threatens to sink the 19-country euro area into recession.
An increase of three-quarters of a percentage point is the likely outcome of the meeting based on public comments from bank officials. The 25-member governing council led by bank President Christine Lagarde made the same record hike at its last meeting on Sept. 8, echoing drastic moves by the Fed, which hiked by three-quarters of a point for the third straight time last month.
