European Central Bank increases interest rate by 0.5% despite turmoil in the banking sector and financial markets.

The bank carried through with a large interest rate increase brushing aside predictions it might dial back as US bank collapses and troubles at Credit Suisse fed fears about the impact of higher rates on the global banking system.

The increase underlines the bank’s determination to fight high inflation. 

In a post-meeting statement, the bank called the banking sector in the 20 countries using the euro currency “resilient,” with strong finances.

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