The European Central Bank building in Frankfurt, Germany, March 10, 2022. (Photo: CFP)

The European Central Bank lifted interest rates by half a percentage point Thursday, a smaller hike than before although it stressed that the rates would still "have to rise significantly at a steady pace".

Mirroring decisions by the US Federal Reserve and the Bank of England, the Frankfurt-based institution raised its three main rates to a range of between 2.00 and 2.75 percent.