ECB Raises Rates by Half-Percentage Point in First Hike Since 2011

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FRANKFURT—The European Central Financial institution raised rates of interest by a larger-than-expected half-percentage level and unveiled a brand new plan to purchase the debt of Europe’s most susceptible economies, taking daring motion to guard the forex union because it navigates the twin threats of skyrocketing inflation and slowing financial development.

The ECB’s shock transfer on Thursday takes its key rate of interest to zero and ends the bloc’s controversial eight-year experiment with damaging rates of interest.

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