ECB ending the era of cheap money will mean financial pain for Irish households

The European Central Bank has paved the way for a rate hike of a quarter point in July and a potentially larger increase in September, which will push up the cost of servicing a mortgage for many thousands of Irish households this summer.              

Following its Thursday gathering, the central bank led by president Christine Lagarde definitively put an end to the era of ultra-low interest rates as they forced to react as the Ukraine war drives energy and food prices to multi-decades highs in most of the eurozone.

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