The ECB left the rate it pays on deposits at a record-high 4.0%, reaffirming that the current level of borrowing costs may just be enough to tame inflation if kept there ‘sufficiently long’
The European Central Bank broke the longest streak of interest rate hikes in its 25-year history on Thursday, saying the latest data continued to point to inflation slowly coming down to its 2 per cent target.
“The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions,” the ECB said. “This is increasingly dampening demand and thereby helps push down inflation.” This sharp policy tightening is leaving a mark on the economy, with data earlier this week showing weak credit creation and economic activity.
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