The European Central Bank on Thursday confirmed expectations of a 50 basis point interest rate increase, taking its key rate to 2.5%.
In a statement, it pledged to "stay the course in raising interest rates significantly at a steady pace" and, in unusually firm language, said it intended to hike by another 50 basis points in March.
It said keeping rates at restrictive levels would control price rises by dampening demand and keeping inflation expectations under control. Decisions at future meetings will be data-dependent, it added. The move follows four hikes in 2022 which brought euro zone rates out of negative territory for the first time since 2014.
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