Europe sees fastest pace of rate hikes since euro launched

Christine Lagarde, president of the European Central Bank (Arne Dedert/dpa via AP)

The European Central Bank (ECB) piled on another outsized interest rate hike aimed at squelching out-of-control inflation, increasing rates at the fastest pace in the euro currency’s history and underscoring the bank’s determination to control prices despite the threat of recession.

The 25-member governing council raised its interest rate benchmarks by three-quarters of a percentage point at a meeting on Thursday in Frankfurt, matching its record increase from last month and joining the US Federal Reserve in making a series of rapid hikes to tackle soaring consumer prices.