ECB raises interest rates by quarter of percentage point
Thursday, 3 July 2008
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The European Central Bank has increased its main interest rate by a quarter of one percentage point today.
The bank has pushed up the rate to 4.25% in an effort to counter rising inflation throughout the euro-zone.
This will add around €45-a-month to a 30-year mortgage worth €300,000.
It also pushes mortgage interest rates in Ireland to their highest level in seven years.
Economists say the outlook for the future is also bleak.
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