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European Central Bank Raises Interest Rates to Highest Level Since 2001



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The European Central Bank raised interest rates to their highest level in more than two decades on Thursday and warned that there was further to go in order to stamp out inflation.Unlike the Federal Reserve, which left interest rates unchanged on Wednesday, policymakers who set rates for the 20 countries that use the euro said they hadn’t even discussed pausing rate increases at this week’s policy meeting.“Are we done? Have we finished the journey? No, we are not at destination,” Christine Lagarde, the president of the bank, told reporters in Frankfurt.The bank lifted rates by a quarter of a percentage point, putting the deposit rate at 3.5 percent, the highest since 2001, as officials said that inflation was forecast to remain too high for too long. It was the bank’s eighth consecutive increase. The move had been well telegraphed since the last m …

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