Split ECB chose rate hike to show grit against inflation - accounts
© Reuters. FILE PHOTO: A view shows the board of the European Central Bank building in Frankfurt, Germany, September 14, 2023. REUTERS/Wolfgang Rattay/File Photo
The ECB raised its key interest rate to a record high of 4.0% at the Sept 13-14 meeting but signalled that its 10th hike in a 14-month-long effort to bring down inflation was likely to be the last as the economy slowed. But in the end the proposal to raise interest rates by 25 basis point was supported by"a solid majority" of the 26 members of the Governing Council.
Policymakers noted that"model-based simulations, expert surveys and market pricing" suggested a deposit facility rate in the region of 3.75% to 4.00% would bring inflation back to 2%"as long as it was understood as being maintained for a sufficiently long duration".
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