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Eurozone rates expected to rise Eurozone interest rates hit 3.75%
(about 3 hours later)
The European Central Bank is expected to raise its key interest rate to 3.75% on Thursday - and to warn that further rate hikes may be necessary. The European Central Bank has raised its key interest rate to 3.75%, in a bid to keep inflation under control.
The ECB has repeatedly warned of the risk of growing inflation in the key eurozone economies. The quarter point rise was widely expected by analysts and takes the eurozone rate to its highest level in five-and-a-half years.
Last month ECB president Jean-Claude Trichet warned "strong vigilance" was needed against inflation. The Frankfurt-based ECB has repeatedly warned of the risk of growing inflation across the 13-member eurozone.
A rate rise from the current level of 3.5% would take the ECB rate to its highest level in five-and-a-half years. Last month ECB president Jean-Claude Trichet warned "strong vigilance" was needed in the battle against inflation.
No chance-taking 'Confidence growing'
With Europe's leading economies performing strongly, some analysts believe rates could hit 4% before the end of the year.With Europe's leading economies performing strongly, some analysts believe rates could hit 4% before the end of the year.
Figures published last week actually showed a downward revision in January's eurozone inflation from 1.9% to 1.8%, below the ECB's 2% target. Figures published last week actually showed a downward revision in January's eurozone inflation from 1.9% to 1.8% - below the ECB's 2% target.
Nevertheless, with unemployment levels falling in Germany and France and business confidence on an upward curve across the eurozone, experts believe policymakers do not want to take any chances with price stability.Nevertheless, with unemployment levels falling in Germany and France and business confidence on an upward curve across the eurozone, experts believe policymakers do not want to take any chances with price stability.
The announcement is due at 1245 GMT on Thursday, 45 minutes after the Bank of England announces its own March interest rate decision.