The Latest Breaking News from European Central Bank

The European Central Bank has raised interest rates for the first time in 11 years in hopes of taming record high inflation.

Paris (AFP) - The euro briefly soared against the dollar on Thursday after Russia resumed gas supplies to Europe and the European Central Bank surprised markets with a 0.5-percentage-point rate hike.

The move marks the end of an era of historically low interest rates which many believe may be the beginning of a recession

Rome (AFP) - Italian Prime Minister Mario Draghi resigned Thursday after the country's fractious parties torpedoed his national unity government, kicking off a snap election campaign which could bring the hard right to power.

Frankfurt (AFP) - The European Central Bank on Thursday brought an end to the era of negative interest rates in the eurozone with a bigger than expected half-point hike to combat soaring inflation, as President Christine Lagarde warned of a darkening economic outlook.

The Dow Jones Industrial Average fell Thursday, as the European Central Bank hiked interest rates. Tesla stock rallied on strong earnings results.

Paris (AFP) - The euro gained ground against the dollar on Thursday after Russia resumed gas supplies to Europe but stock markets were twitchy ahead of a European Central Bank policy meeting, where the guardian of the euro is expected to announce its first rate hike in over a decade. 

Italy's president accepted Premier Mario Draghi's resignation and decided there was no possibility for cobbling together another government following the rapid collapse of the ruling coalition.

The European Central Bank is ready to join the U.S. Federal Reserve and the Bank of England in a global rush to raise interest rates and put a lid on galloping inflation

The move marks the end of an era of low interest rates and steady growth

Frankfurt (AFP) - The European Central Bank is set to raise its interest rates for the first time in over a decade on Thursday as the collapse of the Italian government added a new dimension to the challenge facing policymakers.