The Latest Breaking News from European Central Bank

FRANKFURT: The European Central Bank announced another jumbo interest rate hike on Thursday and said further increases would follow to combat soaring inflation, even as its president, Christine Lagarde, warned a eurozone recession was looming.

The Tanaiste said that while the rise will not be welcomed by mortgage holders or borrowers, it will help bring down inflation and could bring down house prices

Following a meeting this afternoon in Frankfurt, it confirmed that interest rates would rise a further 0.75 per cent

The move risks further crushing the euro-area economy, which is already feared to be on the brink of a recession.

Global stock markets are mixed ahead of an update on the U.S. economy and a European Central Bank meeting that is expected to raise its key interest rate to a 13-year high to fight stubbornly high inflation

The move could affect thousands of Irish mortgage holders and add several hundred euro each month to repayments

The European Central Bank is getting ready to go big again

Oil giant expects not to pay levy in 2022 because of North Sea investment relief; ECB doubles key interest rate to highest level in over a decade

The European Central Bank is expected to set aside recession worries and deliver another jumbo interest rate hike this week to cool inflation, as Russia's war on Ukraine sends energy prices soaring. Inflation in the 19-nation eurozone climbed to an all-time high of nearly 10 percent in September, five times…

Giancarlo Giorgetti, Italy's new economy minister, is a veteran political wheeler-dealer viewed as a moderate and relatively pro-European member of his right-wing League party.

Global growth is expected to slow further next year, the International Monetary Fund (IMF) said Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiralling cost-of-living and economic downturns.