“The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. With this third major policy rate increase in a row, the Governing Council has made substantial progress in withdrawing monetary policy accommodation,” the bank said in a statement on Thursday.

“The Governing Council took today’s decision and expects to raise interest rates further, to ensure the timely return of inflation to its 2% medium-term inflation target,” the bank noted.

The bank underlined that the Governing Council would base the future policy rate path on the evolving outlook for inflation and the economy, following its meeting-by-meeting approach. (ILKHA)

President @Lagarde has just presented the Governing Council’s monetary policy statement.

Read the statement https://t.co/U7j9NNwZCW pic.twitter.com/rqxe8NP3EY

— European Central Bank (@ecb) October 27, 2022