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Monetary Policy

ECB raises rates for the first time in eleven years

With a 0.5-point move, the ECB ends the era of negative rates.

By the editors22 July 20223 min read

On 21 July 2022 the ECB Governing Council raised its key rates by 0.50 percentage points, the first increase since 2011.

The deposit facility rate returns to zero, ending the period of negative deposit rates.

The central bank also unveiled a new instrument designed to counter unwarranted widening of government bond spreads.