'Inflation outlook too high, for too long': ECB raises interest rates – video
The European Central Bank has increased its benchmark interest rate by a quarter of a percentage point in an effort to bring down persistent inflation. The ECB president, Christine Lagarde, said: 'The inflation outlook continues to be too high for too long.' She added: 'In light of the ongoing high inflation pressures, the governing council today decided to raise the three key ECB interest rates by 25 basis points.'