The European Central Bank on Thursday said it would raise interest rates for the first time in over a decade next month to combat runaway inflation, bringing the curtain down on the eurozone’s era of cheap money. ECB governors, exceptionally meeting in Amsterdam instead of Frankfurt, provided markets with an unexpectedly precise statement setting out their path to monetary policy normalisation after years of ultra-low rates and easy credit. As a first step, the ECB said it would end its massive bond-buying stimulus as of July 1. The bank’s governing council then plans “to raise the key ECB interest rates by 25 basis points” at its next meeting on July 21, the ECB said in a statement. It wil
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