Europe sees fastest pace of rate hikes since euro launched

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — The European Central Bank has made another outsized interest rate hike aimed at squelching out-of-control inflation, moving at the fastest pace in the euro currency’s history. The hike of three-quarters of a percentage point Thursday underscores the bank’s determination to control prices despite the threat of recession. The ECB has matched its record increase from last month and is joining the U.S. Federal Reserve in making a series of rapid hikes to tackle soaring consumer prices. The ECB has now raised rates for the 19-country euro area by a full 2 percentage points in just three months and expects more hikes ahead.