ECB raises interest rates by 75 basis points to fight record inflation

With this, it has increased policy rate by 1.5 per cent, the highest in a decade

The European Central Bank piled on another outsized interest rate hike aimed at squelching out-of-control inflation, increasing rates Thursday at the fastest pace in the euro currency's history and raising questions about how far the bank intends to go with the threat of recession looming over the economy.

The 25-member governing council raised its interest rate benchmarks by three-quarters of a percentage point at a meeting 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.

Inflation remains far too high and will