The European Central Bank (ECB) has raised its main rate by a quarter percentage point to 3.75%, completing a year of consecutive rate hikes. The ECB stated that inflation is expected to remain too high for too long, with the headline inflation rate at 5.5% in June, well above the target of 2%. However, concerns remain about whether the ECB's monetary policy is pushing the euro zone into a recession. The central bank did not provide any forward guidance on future rate moves but indicated that it will continue to follow a data-dependent approach.

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