The European Central Bank said on Thursday it would raise interest rates for the first time in 11 years — hiking borrowing costs by a larger-than-expected 0.5%.
Why it matters: It's one of the last major central banks to pull the trigger on raising rates. It's a new era for the eurozone after a long spell of ultra-loose monetary policy (with negative interest rates) as policymakers face record-high inflation in the bloc — and the threat of a recession.
