The European Central Bank is expected to raise interest rates today for the first time in 11 years - which may mark the beginning of a recession.
The move marks the end of an era of low interest rates and steady growth. The ECB is expected to increase their rates by at least 0.25% and as much as 0.5% in an effort to tackle runaway global inflation and the cost of living crisis.
The Russian invasion of Ukraine and the subsequent fuel and energy crises are to blame for inflation which has sky rocketed to 9.1% in Ireland and 8.6% across the eurozone. Increasing interest rates are a factor in what many believe is the onset of a recession.
