ECB continues tightening despite financial risks

European Central Bank, Frankfurt
The European Central Bank

The European Central Bank tightened monetary policy at its meeting today (March 16) despite growing financial turmoil in the banking sector.

The ECB’s governing council again increased interest rates by 50 basis points, taking the key deposit rate to 3%. The deposit rate was at -0.5% as recently as July, before the ECB began its sharpest tightening cycle since the euro’s creation.

“Inflation is projected to remain too high for too long” to maintain the policy tightening unchanged, the

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