Banknotes: July to September 2022

€100 banknote
Monetary policy ECB’s first hike since ’11

The Governing Council of the European Central Bank raised its benchmark rate by 50 basis points on July 21, the first time it has increased it since 2011. The ECB policy rate now stands at 0%. The increase was larger than had been generally expected. The ECB and its member central banks also said they were preparing support for member states facing high bond yields, to prevent market fragmentation.

The eurozone’s inflation rate has risen in line with

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