The European Central Bank’s rate-setting council will hold an unscheduled meeting Wednesday “to discuss market conditions,” with borrowing costs for several countries having risen after the bank said it would raise interest rates.
The bank last week announced the hikes in July and September without specifying how it would protect countries sharing the euro currency if borrowing costs rose excessively — as they did in the European debt crisis in 2010-2012. That's a concern for heavily indebted governments, most notably Italy.
