ECB pauses rate hike campaign as recession in Europe looms ...Middle East

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ECB pauses rate hike campaign as recession in Europe looms
By Hanna Ziady, CNN London (CNN) — The European Central Bank (ECB) held off raising interest rates Thursday for the first time in 15 months as evidence mounts of a deepening economic downturn in Europe. The ECB kept the benchmark interest rate in the 20 countries that use the euro at 4%, its highest level since the launch of the currency in 1999. The decision to pause after 10 consecutive rate hikes follows a series of data showing a continued decline in inflation and a further slowdown in economic activity. A survey published Tuesday of euro area companies in manufacturing and services showed a steep decline in output as demand weakened. Companies cut jobs as a result, marking the

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