ECB set to increase interest rates in July

The European Central Bank is to increase interest rates by 0.25% in July.

It will end a decade-long bond-buying scheme, introduced off the back of the financial crash where rates were below zero.

It comes as the rate of inflation in Ireland increased by 7.8% to the end of May.

ECB president Christine Lagarde says they’re looking at further increases in interest rates in September:

“The calibration of this rate increase will depend on the updated medium term inflation outlook. If the medium term inflation outlook persists or deteriorates, a larger increment will be appropriate at our September meeting.”


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