ECB sticks to hefty rate hike despite turmoil

Photo: AFP

The European Central Bank stuck to a planned interest rate increase Thursday as it remained laser-focused on fighting sky-high inflation despite market turmoil over fears of a widening banking crisis.

It raised its main rates by half a percentage point, as it had previously pledged to do. However, it dropped a reference, used in previous statements, to the need to raise rates "significantly" going forward.